UBS analyst Joseph Spak initiated coverage of Penske Automotive with a Neutral rating and $167 price target. Coverage is being initiated on the six major public auto dealer groups with a cautiously optimistic view, favoring companies with cost-saving potential, turnaround opportunities, capital allocation upside, and/or strong operators whose strengths are not fully reflected in their stock prices, the analyst tells investors in a research note. Consensus estimates for the stock appear \"well calibrated,\" the firm says.
