2024-02-01 07:27:28 ET
Summary
- ABG's past financial results have shown strong growth and expanding margins, but its 3Q23 results were disappointing as revenue declined and margins contracted year-over-year.
- The growth of ABG's Clicklane platform and the acquisition of Jim Koons Automotive Group are expected to bolster its future growth outlook.
- Despite outperforming peers in profitability and growth outlook, the weak 3Q23 results suggest caution. With a lack of a sufficient margin of safety, I am recommending a hold rating.
Synopsis
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Asbury Automotive: Promising Growth Outlook Overshadowed By Weak 3Q23 Results