Sterne Agee CRT Upgrades Genuine Parts (GPC) to Buy

Sterne Agee CRT upgraded Genuine Parts (NYSE: GPC) from Neutral to Buy with a price target of $108.00, citing an attractive entry point. The analyst said long-term upside outweighs near-term FX risks.

Analyst Ali Faghri commented, "GPC's leading brand, historical performance, solid balance sheet, and consistent returns to shareholders have traditionally been cited as reasons to justify a premium multiple for the stock. FX concerns have weighed on shares in 2015, but we expect results to improve throughout the remainder of the year as comparisons ease and short-term headwinds dissipate. While FX remains a near-term concern, at current levels, we believe the long-term upside makes the risk/reward favorable."

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 $91.47 yesterday.

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