Goldman Sachs Maintains Sell on Genuine Parts (GPC)

February 20, 2013 3:05 PM EST
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Price: $99.29 +1.77%

Rating Summary:
    1 Buy, 11 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Goldman Sachs today maintained a Sell rating on Genuine Parts (NYSE: GPC) and raised its price target to $67.00 (from $65.00). Yesterday Genuine Parts Co. reported Q4 EPS of $1.03, $0.10 better than the analyst estimate of $0.93. Revenue for the quarter came in at $3.12 billion versus the consensus estimate of $3.19 billion.

"A calendar shift that reportedly hurt 3Q failed to provide a meaningful boost to 4Q, as a holiday timing shift offset projected benefits, and underlying top-line trends slowed sequentially within the automotive, industrial and electrical segments," said analyst Matthew J. Fassler.

"Moreover, quality was not optimal as margins within the auto segment were impacted by one-time inventory gains (not quantified) and overall margins were positively impacted by a reversal of bad debt expense," added the analyst.

Overall Fassler think valuation will remain subdued.

For an analyst ratings summary and ratings history on Genuine Parts (NYSE: GPC) click here. For more ratings news on Genuine Parts click here.

Shares of Genuine Parts closed at $68.75 yesterday.

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