UPDATE: Morgan Stanley Reiterates Overweight Rating on Sonic Automotive Following Investor Feedback

In a report published Thursday, Morgan Stanley analyst Ravi Shanker reiterated an Overweight rating on Sonic Automotive (NYSE: SAH) and maintains the $30.00 price target.

In the report, Morgan Stanley noted, “Following our recent upgrade to OW, we've had plenty of discussions with clients and dealer industry peers alike. While most wanted to understand how differentiated the One-Sonic-One Experience is, there were some real and interesting pushback/concerns as well.”

Sonic Automotive closed on Wednesday at $24.98.