UPDATE: Piper Jaffray Downgrades O'Reilly Automotive to Neutral on Rising Industry Headwinds
Piper Jaffray reduced its rating on O'Reilly Automotive (NASDAQ: ORLY) from Overweight to Neutral and lowered its price target from $102 to $85.
Piper Jaffray noted, "We are downgrading ORLY to Neutral from OW based on four primary concerns: (1) industry headwinds appear set to build into 2014 & 2015 due to changing dynamics with the vehicle repair sweet spot; (2) ORLY's EPS multiple at ~17x is the most at risk in the auto part retail group; (3) the CSK conversion comp driver, while still present, has likely reached a point of diminishing benefit; and (4) ORLY is underexposed to upper Midwest and Northeast and a weather snap-back will not be as beneficial compared to others in the group."
O'Reilly Automotive closed at $91.65 on Friday.
Latest Ratings for ORLY
|Aug 2016||Susquehanna||Initiates Coverage on||Positive|
|Jul 2016||Deutsche Bank||Maintains||Buy|
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