RACE - Ferrari Asbury Automotive And AutoNation Touted As Top Picks for 2024 By BofA: Luxury Status And Strong Free Cash Flow Drive Growth | Benzinga
BofA Securities analyst John Murphy named Ferrari NV (NYSE: RACE), Asbury Automotive Group Inc (NYSE: ABG), and AutoNation Inc (NYSE: AN) as the top picks for 2024.
The Auto industry remains well-positioned to benefit from the volume recovery and the beginning of a new cycle, especially in North America.
According to the analyst, RACE (Buy rating) is a unique asset with significant intangible brand value and a true luxury status.
The analyst notes the company’s balanced strategy of restrained volume growth, strong price increases, and new model introductions over the forecast period should drive strong consistent revenue and earnings growth.
ABG (Buy rating) is a structurally better business than ...