In the good books
1. AUTOMOTIVE HOLDINGS GROUP (AHG) was upgraded to Outperform from Neutral by Macquarie
Macquarie believes Automotive Holdings will be a strong strategic fit with AP Eagers ((APE)), which has announced an all-scrip merger for the remaining shares it does not hold. The broker believes the merger is compelling for shareholders of Automotive Holdings, providing a tactical opportunity. Automotive comparables ease materially after June suggesting a bottom in the industry may be approaching. The broker upgrades to Outperform from Neutral and raises the target to $2.65 from $1.95.