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Cash for Clunkers ends the rally in auto retailers

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

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:

Analyst downgrades: AZN, CNTY, DBD and DHI

MOST NOTEWORTHY: Sonic Automotive (SAH), Hawaiian Electric (HE), AstraZeneca (AZN), AMB Property (AMB) and ProLogis (PLD) were today's noteworthy downgrades:
  • 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:
  • Keybanc downgraded shares of Diebold (NYSE: DBD) to Hold from Buy.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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

MOST NOTEWORTHY: The automotive sector was today's most noteworthy initiation:
OTHER INITIATIONS:
  • 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).

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 10, 2012: 09:18 PM

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