Wedbush Cuts Price Target on Genuine Parts (GPC) to $95 Following 3Q
Get Alerts GPC Hot Sheet
Rating Summary:
7 Buy, 12 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Join SI Premium – FREE
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."
For an analyst ratings summary and ratings history on Genuine Parts click here. For more ratings news on Genuine Parts click here.
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
- MarineMax (HZO) PT Lowered to $35 at Stifel
- Bristol-Myers Squibb Co. (BMY) PT Lowered to $64 at Truist Securities
- Zomato Limited (ZOMATO:IN) PT Raised to INR240 at Goldman Sachs
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst PT ChangeRelated Entities
EarningsSign 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!