Wedbush Cuts Price Target on Genuine Parts (GPC) to $95 Following 3Q
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Wedbush maintained a Neutral rating on Genuine Parts (NYSE: GPC), and cut the price target to $95.00 (from $98.00), following the company's 3Q earnings report. GPC noted that the comp performance gap between weather-impacted regions including the Northeast and Central remained in same 400 bps range noted in 2Q, but that gap narrowed significantly in September to help improve GPC’s comp trend by an estimated 200-300 bps.
Analyst Seth Basham commented, "GPC missed 3Q expectations on the top and bottom line and in each of its operating segments and reduced FY16 guidance. With sales trends improving in September in Auto (slightly positive comps vs. –LSD comps in July and August) and Industrial, as well as easier comparisons in 4Q vs. 3Q of 300 bps in Auto comps and 400 bps in Industrial organic sales growth, there is reason for cautious optimism for better sales growth in 4Q. We believe that is adequately reflected in updated guidance, suggesting balanced risk/reward for GPC shares near-term. We reduce our estimates and price target and remain NEUTRAL on GPC."
Shares of Genuine Parts closed at $92.12 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
- Jefferies Cuts Price Target on Kroger (KR) to $30 Following 3Q and Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!