J.P. Morgan Maintains Neutral Rating On Penske Automotive Group

According to J.P. Morgan, Penske Automotive Group (NYSE: PAG) Neutral rating is maintained.

J.P. Morgan said that it left FY2011 and FY2012 EPS unchanged primarily because we are now penciling higher SG&A. “We continue to expect gross margins of new and used vehicles to decline as inventories return to normal levels. We leave our Dec 2011 price target of $23 unchanged.”

Penske Automotive Group closed yesterday at $23.40.