UPDATE: Goldman Sachs Drops PT to $61 on Genuine Parts on Softer Industrial Backdrop

Goldman Sachs reiterate its Sell rating on Genuine Parts

and reduces its price target from $62 to $61. Goldman Sachs notes, "We are adjusting our forecasts to reflect the accretive impact of the acquisition of Quaker City Motor Parts, a major Napa distributor with 270 stores (140 company-owned) and a $300 million revenue run rate. Consideration is $350 million, funded through some incremental debt and cash on hand. The deal closed on May 1. As an offset, we are trimming our industrial sales forecasts by one percentage point for 2Q2012, and 0.5 ppts for 3Q/4Q." GPC closed at $60.84 a share yesterday.