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Morgan Stanley issued their Hardline/Broadline Outlook for 2016 and highlighted several companies including Lowe's Companies, Inc. (NYSE: LOW), Advance Auto Parts, Inc. (NYSE: AAP), O'Reilly Automotive Inc (NASDAQ: ORLY), AutoZone, Inc. (NYSE: AZO) and Home Depot Inc (NYSE: HD).
Analysts Simeon Gutman and Joshua Siber wrote, "We continue to prefer the DIY Auto and Home Improvement segments given our forecasts for healthy top-line growth and margins. Our top idea is LOW given favorable secular tailwinds and 20 percent achievable WPS growth. We also like AAP, OW-rated ORLY, and risk/reward is favorable for EW rated AZO and HD."
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The analysts highlighted a few of their top picks:
Lowe's: $84 price target
Analysts see the potential for growth due to strong product offerings in combination with efficient cost structures.
Advance Auto Parts: $195 price target
Morgan Stanley sees a recent management change as a positive catalyst for the company going forward along with the opportunity to drive top-line growth. However, in the near term, Morgan Stanley considers the company to be "dead money."
O'Reilly Automotive: $300 price target
Morgan Stanley sees near-term secular growth and gains in market share driven by high quality of services and strong management.
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.