Roth/MKM analyst Scott Stember raised the price target on Dorman Products (NASDAQ: DORM) to $116.00 (from $94.00) while maintaining a Buy rating.

The analyst comments "Reiterate Buy, Lift PT With Top Pick Set To Capture Lightning in a Bottle. Following outsized Q4 EPS and issuance of well-above-consensus FY24 EPS guidance (see our 2/27 flash note), we remain quite constructive on DORM. With transitory inflationary headwinds now behind the company and no signs of a slowdown in core demand, we look for re-acceleration in earnings growth in FY24 and FY25. Lastly, a broader investor relations approach should help communicate DORM’s growth plans and magnify a rebound in the valuation. We reiterate our Buy rating with a new PT of $116 (vs. $94). Management issued FY24 adjusted EPS guidance of $5.40-$5.70 (22% growth, at the midpoint), with sales climbing 3%-5%; our and the consensus estimates called for around $5.20 heading into the print."