Loading...
Loading...
In a report published Wednesday, Goldman Sachs reiterated its Sell rating on Genuine Parts Company
GPC, and raised its price target from $65.00 to $67.00.
Goldman Sachs noted, “GPC's 4Q results confirmed concerns related to slowing revenue growth; sales fell short of our expectations. A calendar shift that reportedly hurt 3Q failed to provide a meaningful boost to 4Q, as a holiday timing shift offset projected benefits, and underlying top-line trends slowed sequentially within the automotive, industrial and electrical segments. Moreover, quality was not optimal as margins within the auto segment were impacted by one-time inventory gains (not quantified) and overall margins were positively impacted by a reversal of bad debt expense. Management tone on current business trends is cautious. We believe GPC's automotive sales trends remain lackluster in 1Q, and GPC's industrial/electrical sales trends seem not to be snapping back from customers' year-end fiscal cliff scare, potentially underperforming a sales recovery at industrial peers GWW/FAST.”
Genuine Parts Company closed on Tuesday at $68.75.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in