JPM upgrades Group 1 Automotive to "overweight"

Group 1 Automotive

06/10/2022 14:35

**  Auto parts retailer Group 1 Automotive Inc's shares
 GPI.N  up 2.2% at $153.28
    ** J.P. Morgan upgrades co to "overweight" from "neutral",
cites GPI's strategy in the used car market to improve growth
    ** GPI’s parts & services initiatives are expected to
increase technician headcount, better use of existing manpower
and ultimately increase profits - JPM
    ** Brokerage says co to grow well through strategic mergers
and acquisitions apart from earnings
    ** JPM expects co to be one of the highest performers among
franchise dealership groups under brokerage's coverage    
    ** Six of eight brokerages rate the stock "buy" or higher,
one "hold", one "sell"; their median PT is $287.50 - Refinitiv
Data
    ** Up to Wednesday's close, stock had fallen 23.1% so far
this year, compared with a 17.2% decline in the S&P 600
Automotive Retail sub index  .SPSMCAUTR 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))