Barclays on U.S. Retail Hardlines: Reiterate Affinity for Aftermarket Auto Parts

May 15, 2012 3:33 PM EDT Send to a Friend
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Barclays on U.S. Retail Hardlines: Reiterate Affinity for Aftermarket Auto Parts

Analyst, Alan M. Rifkin, said, "We are reiterating our long-standing affinity for the aftermarket auto parts sector as we believe continued declines in gas prices and continued increases in vehicle miles driven could drive further upside in the sector..."

Rifkin notes the recent decline in gas prices and vehicle miles are up year-over-year (for Dec, Jan and Feb).

On an individual basis:

Advance Auto Parts (NYSE: AAP): Expect 1Q EPS of $1.85, $0.03 above the Street and full-year EPS of $6.05, $0.08 above the Street.

AutoZone (NYSE: AZO): Remains a Top Pick; Expect fiscal 3Q EPS of $6.30, $0.04 above the Street and full-year EPS of $23.45, $0.15 above the Street...Our fiscal 3Q EPS estimate represents a 19% y/y increase in EPS. All-in, we are forecasting fiscal 3Q company-wide comps of 5.0%, including 2.5% retail comps and a robust 20% commercial comp."

O'Reilly (Nasdaq: ORLY): Remains a Top Pick after strong quarter. Strong fiscal 1Q results at O'Reilly - driven by positive weather and industry-wide growth - suggest that quarterly trends in aftermarket auto parts may be better than we previously anticipated.




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