UPDATE: Bank of America Raises PO to $29 on Standard Motor Products on Solid Execution

Bank of America maintained Standard Motor Products

with a Buy rating and raised the price objective from $25.00 to $29.00. Bank of America noted, "Following Standard Motor Products' stronger than expected 4Q12, we are raising our 2013e EPS from $2.15 to $2.20, 2014e from $2.40 to $2.45, and 2015e from $2.65 to $2.70. Due to our higher estimates, we are also raising our price objective on SMP's shares from $25 to $29, based on a 2013e EV/EBITDA multiple of ~6.5X. … We were encouraged by SMP's 4Q12 and expect performance in the coming quarters to benefit from the full integration of recent acquisitions. Also, we believe an aging US vehicle fleet and a recovery in miles driven will support demand for the company's replacement components." Standard Motor Products closed at $26.20 on Monday.