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Morgan Stanley raise its price target on Underweight-rated Group 1 Automotive
GPI to $40 on SG&A traction and acquisitions.
Morgan Stanley says, "While price normalization and mix headwinds could compress margins, we believe these should be more than offset by SG&A traction, operating leverage, and acquisitions. We raise our 2012 estimates and increase our PT to $40. Expensive valuation and below cons. estimates keep us UW."
GPI closed at $53.17 on Monday.
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