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O’Reilly Automotive Inc (NASDAQ:ORLY) is up 62 percent year-over-year, and one team of analysts expects the run to accelerate.
The Rating
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JPMorgan upgraded O’Reilly to Overweight and increased their price target from $311 to $398.
The Thesis
The analysts derived optimism from strength in the broader industry, the firm’s fundamentals, and its do-it-for-me segment, which comprises 43 percent of sales.
By their estimates, O’Reilly’s large supply chain well positions it for market-share expansion, and 2019 through 2021 are expected to see an uptick in aging vehicles with repair needs. At the same time, a colder, snowier winter could drive early demand for seasonal items and heighten demand for maintenance-related parts.
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“Moreover, positioning ahead of likely slowing consumption in 2019 after the tax reform-aided pace of the past year, higher rates, and heightened tariff risk, we like the autoparts space (and ORLY's perch) relative to others in our coverage given its failure/maintenance-driven demand and limited price transparency in the DIFM channel,” they wrote in a note.
Overall, JPMorgan sees sustainable earnings-per-share growth with earnings upside. Accordingly, it increased third-quarter same-store-sales forecasts above the 3.6-percent consensus to 4 percent.
Price Action
At time of publication, O'Reilly shares traded up 1 percent to $342.10.
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Photo credit: Michael Barera, from Wikimedia Commons
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.