Zacks Investment Research
Penske (PAG) Surges 8.8%: Is This an Indication of Further Gains?Penske Automotive (PAG) shares jumped 8.8% to $212 after agreeing to be taken private by shareholders Penske Corp and Mitsui in a $16.3 billion deal, with the buyout price 8.6% above the pre-announcement closing price. However, earnings estimate revisions have declined 3.9% over the past month, which could limit future gains. AutoNation (AN) also rose 4.3% but faces a Zacks Rank #4 (Sell) rating despite positive year-over-year earnings growth.
