AN Stock Downgraded By JPMorgan — What’s Behind The Cautious Call On AutoNation

AutoNation (AN) shares fell on Wednesday after JPMorgan downgraded the stock to ‘Neutral’ from ‘Overweight,’ citing a “sizeable disconnect” between its forward estimates and consensus.

JPMorgan analyst Rajat Gupta kept the price target unchanged at $185 following the downgrade, The Fly reported.

Their 12-month price target ranges from $175 to $250, with an average of $213.42.

Separately, Investing.com reported that JPMorgan said AutoNation’s execution on used-car volumes and cost discipline had lagged peers in recent quarters.

The firm cited the company’s third-quarter results and efforts to improve spending, while viewing the results as solid given the challenging macroeconomic backdrop, The Fly reported.