JPMorgan Upgrades Genuine Parts (GPC) to Overweight

JPMorgan analyst Christopher Horvers upgraded Genuine Parts (NYSE: GPC) from Neutral to Overweight with a price target of $117.00 (from $90.00).

The analyst comments "Our upgrade is based on a rare synchronized recovery in its automotive (65% of sales) and industrial (35% of sales) parts segments resulting in sales growth acceleration and margin upside given (1) vendor allowances harmonizing with its own gross margin strategies and (2) better leverage against GPC’s pre-COVID initiative to streamline costs."

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 $100.56 yesterday.

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