O'Reilly Automotive (ORLY) PT Raised to $1,290 at BofA Securities

BofA Securities analyst Elizabeth Suzuki raised the price target on O'Reilly Automotive (NASDAQ: ORLY) to $1,290.00 (from $1,204.00) while maintaining a Buy rating.

The analyst comments "We attended the 2024 O’Reilly (ORLY) Analyst Day at the company’s distribution center located outside of Chicago, IL with the management team. We came away optimistic in the company’s competitive advantages. Sales to Pro customers now represent around 47% of total revenue. Emerging technologies such as stop/start could lead to higher ticket; advanced driver assistance system and electric vehicles/hybrid are both expected to provide favorable industry tailwinds given that components are under more stress because of EVs’ heavier weight. ORLY’s estimated US addressable market is at $150-160bn, an increase from the $130-$140bn estimate at the 2022 Analyst Day."

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