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AutoNation
shares were dropping Tuesday after
J.P. Morgan
downgraded the car dealer’s stock, saying recent acquisitions aren’t likely to translate into growth in the short term.
Analyst Rajat Gupta lowered his rating on the stock to Underweight from Neutral, but raised his target for the price to $130 from $125. Factors working in
AutoNation
‘s favor include a strong growth plan and digital strategy and continued high prices for used cars, among other issues, Gupta wrote.
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