Goldman Reiterates Buy On Group 1 Automotive (GPI)

Goldman Sachs is reiterating its Buy rating on shares of Group 1 Automotive, Inc. GPI, after it met with company management yesterday. In the research note, Goldman writes, "New vehicles: While long-term new vehicle gross margins should return to 6%-6.5% levels, the company believes they will remain below this in the near term while SAAR is at depressed levels. GPI has selectively traded in margin for volume in 1H and remains open to doing that opportunistically." Shares of GPI closed at $28.20 yesterday, a gain of 71 cents or 2.58%.