Goldman Sachs Upgrades Genuine Parts (GPC) to Neutral

Goldman Sachs upgraded Genuine Parts (NYSE: GPC) from Sell to Neutral with a price target of $88.00 (from $84.00).

Analyst Matthew J. Fassler said, "We upgrade GPC to Neutral from Sell, as we expect better performance in both the industrial and automotive segments to drive re-acceleration in EPS growth, to 11% in 2014 from 4% in 2013, suggesting some of the strongest acceleration in our coverage. We raise our 12-month price target by $4 to $88 on higher valuation assumptions, but maintain a base case multiple in line with recent historical averages. Since we added GPC to the Americas Sell List on April 21, 2011, the shares are up 62.9% vs. the S&P 500 up 37.8%."

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 $85.20 yesterday.

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