2300 GMT - Eagers Automotive's 2H performance looks strong to UBS analyst Tim Piper given tough vehicle retailing conditions in Australia. Piper also reckons that Eagers' margin resilience looks especially good compared with the performance of the company's peers. He tells clients in a note that Eagers' scale, exposure to Toyota and hybrids, and distribution agreement with China's BYD all helped to differentiate the company from its rivals. Piper thinks the share-price surge that followed the release of its annual result is probably a short squeeze, but that Eagers's positive outlook has likely reassured investors that downside risk is now limited. UBS lifts its target price 40% to A$14.80 and stays neutral on the stock, which is at A$14.99 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 02, 2025 18:00 ET (23:00 GMT)
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