UPDATE: Wunderlich Securities Initiates Coverage on Genuine Parts Company

According to a research report published this morning, Wunderlich Securities has initiated Genuine Parts Company

with a Hold rating and $64 PT. In the report, Wunderlich Securities said, "While Genuine Parts coverage is predominantly served by auto components and specialty retail analysts, we intend to provide improved insight toward the ~50% of the business largely underserved by the sell-side. As one of the largest U.S. industrial distributors, Motion Industries (Motion) is a leader in the transmission/fluid power arena, expanding into broadline product categories in recent years primarily through key acquisitions. As an office products wholesaler, the S.P. Richards division represents a key component of the office supply chain with commanding margins in the industry." Genuine Parts Technology closed yesterday at $61.96.