The Globe and Mail reports in its Friday, July 18, edition that Canaccord Genuity analyst Luke Hannan reiterated a "buy" rating and raised his share target to $32 from $28 on Autocanada after news late Wednesday that the company has sold 13 of its U.S. dealerships for $82.7-million. The Globe's Darcy Keith writes in the Eye On Equities column that the company continues to be actively engaged in selling the remaining four dealerships it owns in the United States. Mr. Hannan says in a note: "A sale of the U.S. business was the biggest catalyst we identified for AutoCanada shares over the next six to 12 months. We estimate on a pro forma basis, the company will take net funded debt/TTM EBITDA from its current about five times to about three times, without considering potential proceeds for the remaining four dealerships. Though we believe the company remains focused on driving out costs through its ACX Operating Method, and will look to complete the program before investing more heavily in growth, investors should gain comfort that the business and the story have become increasingly less complex, which should ultimately manifest itself in a higher trading multiple, in our view."