BancBoston Robertson Stephens Reiterates Buy Rating on SAH
27 July 1999
BancBoston Robertson Stephens Reiterates Buy Rating on SAH
SAN FRANCISCO, July 27 -- The following is being issued by
BancBoston Robertson Stephens, a member of the National Association of
Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior automotive analyst Jordan Hymowitz
today reiterated his Buy rating on Sonic Automotive . The company,
headquartered in Charlotte, N.C., is the sixth-largest auto retailer.
"We are reiterating our Buy rating on Sonic Automotive, following the
company's announcement of strong-second-quarter 1999 earnings," said Hymowitz.
"The company reported an earnings-per-share of $0.30, beating our
$0.26 estimate by 15 percent, with same store sales up 12 percent.
"Given the solid-second-quarter results, we are raising our fiscal
1999 and fiscal 2000 earnings-per-share estimates from $1.10 to $1.17 and from
$1.35 to $1.40, respectively," said Hymowitz. "We reiterate our price target
of $25, based on 15 times fiscal 2000 after-tax-cash-flow of $1.63 per share
(net income plus goodwill amortization)."
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