Last year was great year for auto sales. This year though, manufacturers are worried that rising interest rates and falling used car prices are going to put a damper on things. The good news for one company is that higher margin vehicles like SUVs are still selling very well. Today’s Bull of the Day is selling SUVs like hotcakes.
I’m talking about Zacks Rank #1 (Strong Buy) Fiat Chrysler (FCAU - Free Report) . Fiat Chrysler Automobiles N.V., together with its subsidiaries, designs, engineers, manufactures, distributes, and sells vehicles, components, and production systems. The company operates through six segments: NAFTA, LATAM, APAC, EMEA, Maserati, and Components. It provides passenger cars, light trucks, and light commercial vehicles under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, and Ram brand names; and luxury vehicles under the Maserati brand, as well as related service parts and accessories, and service contracts under the Mopar brand. The company also produces and sells lighting components, body control units, suspensions, shock absorbers, electronic systems, exhaust systems, powertrain components, engine control units, plastic molding components, and after-market products under the Magneti Marelli brand name.
Over the course of the last ninety days, three analysts have increased their earnings estimates for the current year. This bullish sentiment has pushed up the Zacks Consensus Estimate from $2.80 to $3.36 for the current year. That’s a major reason why this company is a Zacks Rank #1 (Strong Buy) right now.
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