Autos

Market watchers pick which company’s shares could soar

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Americans are putting the pedal to the metal this summer, and auto retail stocks are taking off.

CarMax, Autonation, AutoZone and O’Reilly have surged at least 40% over the past three months, while car rental company Avis has rocketed 130% over the same stretch.

Avis was also upgraded at Morgan Stanley to overweight with a price target that implies 43% upside.

“I look at this upgrade on Avis … and I think a couple observations. The stock is up 235% off of the lows. And from a technical perspective, you’re coming right up into this downtrend resistance line,” Craig Johnson, chief market technician at Piper Sandler, told CNBC’s “Trading Nation” on Thursday. “I’d rather be fading this…



Source cnbc.com

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