Sonic Automotive downgraded at Goldman As previously reported, Goldman downgraded Sonic Automotive to Sell from Neutral. The firm downgraded shares due to limited M&A potential given high leverage and constrained operating margins from the One Sonic and pre-owned initiatives. Price target lowered to $22 from $23.
Sonic Automotive expects to own 49%-50% of its real estate portfolio by 2017 Expects real estate to have "significant value" for the company going forward. Comments taken from Q4 earnings conference call.