Genuine Parts (GPC) PT Raised to $131 at Truist Securities

Truist Securities analyst Scot Ciccarelli raised the price target on Genuine Parts (NYSE: GPC) to $131.00 (from $126.00) while maintaining a Hold rating.

The analyst comments "GPC’s segments were all largely in-line, but continued economic uncertainty and cost increases (fuel, healthcare, rent, etc) continue to weigh-on flow through (the co lowered its full yr EPS projection to $7.50-$7.75 from $7.50-$8.00). The DIY channel and sales to Independents remain pressured and it may be difficult for the Independents to inflect, as interest rates/inventory carrying costs continue to rise. On the flip side, Motion’s top and bottom line trends continue to improve. The stock seems undervalued (SOTP “fair value” prob in the $135-$150 range), but that may persist until we get closer to the biz separation. Remain Hold; PT to $131 from $126."

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