BUZZ-US auto dealers' stocks climb as Stephens initiates coverage
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Shares of U.S. auto dealers rose following Stephens' initiation of coverage on the "Public 6" franchised dealerships. Lithia Motors increased by 3.6%, AutoNation by 1.8%, Group 1 Automotive by 2%, Penske Automotive by 1.1%, and Sonic Automotive by 2.5%. The brokerage views these companies as generating diverse cash flows and being shareholder-friendly, despite ongoing earnings normalization post-COVID. The S&P 500 automotive retail sub-index is up 16.5% year-to-date.
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