UPDATE: Bank of America Initiates Standard Motor Products at Buy on Aftermarket Exposure

Bank of America initiated coverage on Standard Motor Products SMP with a Buy rating and a price objective of $23 a share. Bank of America commented, "We view SMP as relatively well positioned in the large, historically stable, auto aftermarket, particularly given the size and age of the US vehicle fleet, which should continue to drive demand for engine and temperature components. In addition, we believe SMP's expansion in the Original Equip. and adjacent markets will provide future growth, diversification, and the opportunity to leverage scale." Standard Motor Products closed at $18.01 on Tuesday.