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BigE · #1 (**permalink**) 11-24-2009, 02:54 PM

Asbury Automotive Group Inc (ABR) was upgraded by an analyst from Deutsche Bank before the Tuesdays open. Rod Lache raised his rating on the auto retailer to "Buy" from "Hold" after meeting with Asbury Automotive management, he said in a note to investors. The company is undergoing significant structural changes to reduce its costs, Lache wrote. Plus, it will be competing in a market with fewer dealerships due to reductions by Chrysler Group LLC and General Motors Co., and that should lead to higher sales for remaining dealers as the economy recovers next year and in 2011. He raised his share price target to $14.50 from $13.50 and kept his earnings per share forecast of $1.36 for next year and $1.70 for 2010. Asbury rose to $11.40 on the upgrade up over 12%.