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Cash for Clunkers ends the rally in auto retailers

Posted Aug 24th 2009 3:00PM by John Jagerson (RSS feed)
Filed under: AutoNation Inc (AN)

The U.S. Government's 'Cash for Clunkers' program ends today. It won't be clear for some time whether the program was successful or not in stimulating the auto industry but it was certainly popular with buyers. As the program ends, will the rally in auto retailing stocks also come to a close?

Interestingly, although the program runs through the end of business on today, some dealers stopped using the rebate program on Friday the 21st. For example, AutoNation, Inc. (NYSE: AN) is a publicly owned auto retailer that stopped offering the program to buyers on Friday. Perhaps management has concerns about the government being willing to pay the rebates on time.

Continue reading Cash for Clunkers ends the rally in auto retailers

Analyst initiations: PRA, SAH and IHR

Posted Jan 18th 2008 11:59AM by Eric Buscemi (RSS feed)
Filed under: Analyst Initiations

MOST NOTEWORTHY: ProAssurance, Sonic Automotive and Interstate Hotels & Resorts were today's noteworthy initiations:

Suntrust initiated ProAssurance (NYSE:PRA) with a Buy rating and $66 target and said the company has a strong position in the Midwest and Southeastern markets where it targets solo practitioners and small groups, where competition is less intense.
Sonic Automotive (NYSE:SAH) was assumed with a Buy rating and $20 target at UBS, as they are positive on the company's diversified business mix.
Baird is believes Interstate Hotels & Resorts (NYSE:IHR) will leverage its operating experience through its growing ownership portfolio and views valuation as attractive. The firm started shares with an Outperform rating.

OTHER INITIATIONS:

Merrill initiated Allscripts (NASDAQ:MDRX) with a Neutral rating.
JMP Securities initiated Chimera Investment (NYSE:CIM) with a Market Perform rating.
Bear initiated Cosan (NYSE:an) with an Outperform rating.

Analyst downgrades: AZN, CNTY, DBD and DHI

Posted Aug 13th 2007 11:28AM by Kevin Shult (RSS feed)
Filed under: Before the Bell, Analyst Reports, Analyst Upgrades and Downgrades, Bad News, D.R.Horton (DHI), Stocks to Sell

MOST NOTEWORTHY: Sonic Automotive (SAH), Hawaiian Electric (HE), AstraZeneca (AZN), AMB Property (AMB) and ProLogis (PLD) were today's noteworthy downgrades:

Goldman downgraded Sonic Automotive (NYSE: SAH) to Neutral from Buy on valuation.

Hawaiian Electric (NYSE: HE) was cut to Underweight from Equal Weight at Lehman based on valuation and the regulatory environment.

AstraZeneca (NYSE: AZN) was downgraded to Equal Weight from Overweight at MorganStanley based on the reduced buyback, the $1.6B restructuring charge and potential for Nexium generics in Europe.

Citigroup cut AMB Property (NYSE: AMB) and ProLogis (NYSE: PLD) to Sell from Hold citing the tight capital markets and the impact on costs for the downgrades...

OTHER DOWNGRADES:

JP Morgan downgraded D.R. Horton (NYSE: DHI) to Neutral from Overweight.

Roth Capital downgraded Century Casinos (NASDAQ: CNTY) to Hold from Buy.

Keybanc downgraded shares of Diebold (NYSE: DBD) to Hold from Buy.

DA Davidson cut Sunrise Senior Living (NYSE: SRZ) to Sell from Neutral.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Analyst initiations 4-04-07: F, GM, JPM and TWC initiated today

Posted Apr 4th 2007 11:11AM by Kevin Shult (RSS feed)
Filed under: Before the Bell, Daimler (DAI), Ford Motor (F), General Motors (GM), Toyota Motor Corp. (TM), JPMorgan Chase (JPM), AutoNation Inc (AN), Analyst Initiations, Johnson Controls (JCI), Time Warner Cable (TWC)

MOST NOTEWORTHY: The automotive sector was today's most noteworthy initiation:

Prudential initiated the automotive manufacturers industry and automotive retail industry with Favorable ratings and the automotive parts and equipment industry with an Unfavorable rating. The firm initiated coverage on following stocks:

Overweight-rated names included Autoliv Inc (NYSE: ALV), Group 1 Automotive, Inc (NYSE: GPI), Honda Motor Co, Ltd (NYSE: HMC), Johnson Controls, Inc (NYSE: JCI), Sonic Automotive, Inc (NYSE: SAH), & Toyota Motor Corp (NYSE: TM).
Neutral Weight-rated names included AutoNation, Inc (NYSE: AN), DaimlerChrysler (NYSE: DCX), Magna International Inc (NYSE: MGA) and United Auto Group, Inc (NYSE: UAG).
Underweight-rated names included Ford Motor Co (NYSE: F), General Motors Corp (NYSE: GM) and Gentex Corp (NASDAQ: GNTX).

OTHER INITIATIONS:

Bernstein initiated JPMorgan Chase & Co (NYSE: JPM) with a Market Perform rating and $54 target.

Lehman started Time Warner Cable Inc (NYSE: TWC) with a Neutral rating.

Merriman initiated shares of Progressive Gaming International Corp (NASDAQ: PGIC) with a Buy rating, as the firm believes it is on the cusp of gaining meaningful market share of casino floors through its technologies and now is the time to get involved in shares.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).