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UPDATE: Goldman Sachs Raises PT on Genuine Parts to $52

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Goldman Sachs is out with its report today on Genuine Parts (NYSE: GPC), raising its PT from $51 to $52.

In a note to clients, Goldman Sachs writes, "We continue to rate GPC Sell, on full valuation (18% premium to the S&P 500 vs. 5-year average 3% premium) and expectation for slowing industrial and automotive momentum given tougher compares and fading macro tailwinds. That said, we will likely need to look past 2Q to see evidence of such slowing. We increase our 12-month price target by $1 to $52 on mark-to-market of the relative portion of our methodology (75% relative P/E and 25% DCF)."

Shares of GPC closed Wednesday at $55.08, down 0.52% from Tuesday's close.

 

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