Bullish Analysts Raise Lithia Motors Price Target Post Stellar Q2 FY23 Performance

These analysts are bullish on Lithia Motors Inc LAD after it reported Q2 FY23 earnings results yesterday.

The company reported second-quarter FY23 sales growth of 12% year-on-year to $8.11 billion, surpassing the analyst consensus of $7.92 billion, and adjusted EPS of $10.91, beating the analyst consensus of $9.26.

Benchmark analyst raised price target to $375 from $300 at a Buy rating.

Benchmark analyst Michael P. Ward increased the 2023 EPS estimate to $38.45 (from $34.50), reflecting better-than-expected Q2 performance and the positive impact of recent buyouts.

The analyst also raised the 2024 EPS estimate to $35.00 (from $34.20).

At a Neutral rating, Citigroup upped the price target to $340 from $245, and Goldman Sachs increased the price target to $348 from $305. 

Citi analyst raised the EPS estimate to $40.07 (from $35.40) for 2023 and $42.73 (from $36.59) for 2024.

Price Action: LAD shares are trading lower by 3.1% at $310.55 on the last check Thursday.