O'Reilly Automotive (ORLY) PT Raised to $114 at JPMorgan

JPMorgan analyst Christopher Horvers raised the price target on O'Reilly Automotive (NASDAQ: ORLY) to $114.00 (from $113.00) while maintaining an Overweight rating.

The analyst commented, "ORLY reported a +4.1% comp, above previewed buyside expectations/Census lateral of a 3-handle and essentially in-line with our forecast, but EPS fell ever so slightly short as SG&A spending was higher than expected on inflation in insurance and other costs. Looking ahead, as expected, ORLY raised its FY topline guidance (3-4.5%) given first half trends and current trends in the business, but it also increased its SG&A forecast (per store up ~3.5-4% on a non-GAAP basis vs. 2.5-3% prior), driven by a ⅔ to ⅓ split of cost inflation and the higher topline outlook, respectively."

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