RTTNews | Nov 17, 2021 10:17AM EST

10:16 Wednesday, November 17, 2021 (RTTNews.com) - Shares of Sonic Automotive, Inc. (SAH) slipped nearly 9% on Wednesday morning after Morgan Stanley downgraded the automotive dealer to Underweight from Equal-weight.

SAH is currently trading at $46.90, down $4.52 or 8.80%, on the NYSE. The stock has traded between $37.24 and $58.00 in the 52-week period.

Morgan Stanley downgraded its outlook on franchise automotive dealers as the long-term dealer outlook remains uncertain.

"Exiting COVID, we believe improved cost structures are discounted in dealer share prices, while long term risks from EVs and direct-to-consumer models are not," write analysts led by Adam Jonas.

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