- Morgan Stanley analyst Adam Jonas lowered Lithia Motors Inc LAD price target to $303 from $335 and kept an Underweight rating on the shares.
- Jonas notes that he does not rate any U.S. franchise dealers as Overweight at this time.
- The analyst saw the inability of legacy automaker OEMs to control the consumer experience in a direct-to-consumer model as "one of the biggest threats to legacy OEMs," even "bigger than the threat of electrification."
- Jonas added that despite franchise dealers overall beating consensus expectations in Q3, he saw secular industry headwinds despite peak earnings.
- Price Action: LAD shares are trading lower by 8.72% at $305.04 on the last check Wednesday.
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