Wedbush Reiterates Outperform on O'Reilly Automotive (ORLY) Following Investor Call
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Wedbush reiterated an Outperform rating and $310.00 price target on O'Reilly Automotive (NASDAQ: ORLY) following an investor call with management. ORLY is cognizant of rising industry e-commerce sales, but sees structural impediments for categories outside of performance and accessories to move online.
Analyst Seth Basham commented, "On Friday, we hosted a call for investors with ORLY CFO Tom McFall and Controller Jeremy Fletcher. While risks may be slightly higher than in recent years, we came away favorable on ORLY and the DIY Auto industry. The company’s outstanding parts availability and service-focused culture should continue to allow ORLY to take market share, even in the face of a potentially improving AAP. Driven by built-in benefits from LIFO accounting, we lift our 2017 gross margin estimates further above consensus and maintain our above-consensus EPS estimates."
Shares of O'Reilly Automotive closed at $265.74 yesterday.
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