Jefferies Cuts Price Target on Genuine Parts (GPC) to $95 Following 3Q Report
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Jefferies maintained a Hold rating on Genuine Parts (NYSE: GPC), and cut the price target to $95.00 (from $105.00), following the company's 3Q earnings report. Auto sales increased 1.5% yr/yr to $2.10B despite a core auto sales decline of 1.5% yr/yr. Industrial revenue declined 0.7% yr/yr to $1.16B and includes a 2.5% underlying sales decrease, partially offset by a 2% tailwind from acquisitions. 2016 EPS estimates were lowered to $4.58 from $4.75.
Analyst Bret Jordan commented, "GPC reported Q3 EPS of $1.24, below our estimate of $1.29 as -2.0% NAPA comps (vs. flat in Q2) and softer wholesale volumes drove a 2.0% US organic auto sales decline. Going forward, we believe a return to more normal winter weather and favorable industry trends bode well for auto segment improvement in Q4. Given continued softness in Industrial volumes we expect GPC to remain focused on cost control."
Shares of Genuine Parts closed at $92.12 yesterday.
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