JPMorgan Lowers Price Target for Asbury Automotive Group

JPMorgan Chase & Co. has lowered its price target for Asbury Automotive Group (NYSE: ABG) from $190.00 to $185.00, maintaining an "underweight" rating on the stock. The adjustment was announced in a research note issued to investors on Tuesday, according to Benzinga. Despite the downgrade, JPMorgan's target price still suggests a potential upside of 9.98% from the stock's previous close.

Other analysts have recently issued varying reports on Asbury Automotive Group. UBS Group set a $250.00 price objective on July 29th, while Citigroup raised its target price from $212.00 to $250.00 and maintained a "neutral" rating on July 31st. Barclays reaffirmed a "reduce" rating, and Seaport Research Partners upgraded the stock to a "buy" rating with a $300.00 price target on September 8th. Morgan Stanley reduced its price objective from $230.00 to $184.00, assigning an "equal weight" rating.

Asbury Automotive Group's stock (NYSE: ABG) traded down $3.62 on Tuesday, closing at $168.21. The company reported $6.82 earnings per share for the quarter, beating the consensus estimate of $6.31. However, revenue of $4.38 billion fell short of analysts' expectations of $4.49 billion. The stock has a 1-year low of $167.30 and a 1-year high of $258.74.

Insider activity includes SVP Jed Milstein selling 948 shares at an average price of $250.28 on July 29th. Institutional investors like BlackRock Inc. and Dimensional Fund Advisors LP have adjusted their stakes in the company. Asbury Automotive Group operates franchised dealerships across the U.S., offering vehicle sales, financing, insurance, and after-sales services.