UPDATE: Argus Upgrades Genuine Parts (GPC) to Buy

(update corrects firm name)

Argus upgraded Genuine Parts (NYSE: GPC) from Hold to Buy with a price target of $104.00.

The analyst said the upgrade "reflects our expectations for stronger earnings in all four business segments in 2H15, driven by continued growth in comp-store sales and moderating currency headwinds."

It was added, "We expect particularly strong growth in the automotive segment, which represents about 50% of total revenue and should benefit from an increase in average U.S. vehicle age and total miles driven."

The firm maintained FY 2015 EPS of $4.75 and raised FY 2016 EPS from $5.20 to $5.24.

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 $91.19 yesterday.

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