Wedbush Initiates Coverage on Genuine Parts (GPC)
Equities research analysts at Wedbush began coverage on shares of Genuine Parts (NYSE:GPC) in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating and a $84.00 price target on the stock. Wedbush’s price objective points to a potential upside of 5.12% from the stock’s previous close.
The analysts wrote, “Initiating Coverage with a NEUTRAL Rating and $84 PT. GPC is a leading distribution company with a long history of steady growth. Led by CEO Tom Gallagher since 2004, GPC has consistently grown its dividend for the past 57 years—even in the depths of the last recession. This speaks to the steady growth and conservative management that GPC offers investors and we expect that to persist well into the future.”
Shares of Genuine Parts (NYSE:GPC) opened at 79.91 on Monday. Genuine Parts has a 1-year low of $59.53 and a 1-year high of $85.41. The stock has a 50-day moving average of $79.75 and a 200-day moving average of $79.40. The company has a market cap of $12.375 billion and a P/E ratio of 18.00.
Genuine Parts (NYSE:GPC) last issued its quarterly earnings data on Thursday, July 18th. The company reported $1.39 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.21 by $0.18. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter in the prior year, the company posted $1.08 earnings per share. The company’s quarterly revenue was up 10.1% on a year-over-year basis. Analysts expect that Genuine Parts will post $4.35 EPS for the current fiscal year.
GPC has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Genuine Parts in a research note to investors on Saturday, July 20th. They now have a $86.00 price target on the stock. Separately, analysts at BB&T Corp. downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a research note to investors on Friday, July 19th. They now have a $83.00 price target on the stock. They noted that the move was a valuation call. Finally, analysts at Wunderlich raised their price target on shares of Genuine Parts from $77.00 to $89.00 in a research note to investors on Wednesday, July 17th. They now have a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $79.82.
Genuine Parts Company is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials.
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