Roaring U.S. Auto Sales Spur JPMorgan to Raise Price Targets
- Data signal V-shaped recovery, analyst Ryan Brinkman says
- Price targets boosted on General Motors, Ford, Tesla, Ferrari
A customer looks at cars displayed at a Honda Motor Co. dealership in Southfield, Michigan, on May 26.
Photographer: Emily Elconin/BloombergThis article is for subscribers only.
The U.S. auto market is bouncing back nearly as fast as it fell, making the hope of a V-shaped recovery real.
New vehicle sales and used vehicle prices are recovering in May and June almost as fast as they declined in March and April, according to JPMorgan. “We didn’t call it, nor did we expect it, but numerous data points all suggest the U.S. auto industry is in the midst of a once fabled but clearly no longer mythical ‘V-shaped recovery,’” JPMorgan analyst Ryan Brinkman wrote in a report.