UPDATE: Bank of America Upgrades Genuine Parts on Solid Market Positioning

In a report published on Tuesday, Bank of America analyst John Lovallo II upgraded

from Underperform to Neutral and raised the price target on the company from $75 to $82. In the report, Bank of America stated, "We believe higher estimates are warranted given recovering end markets, recent acquisitions, and management execution, while a 16X P/E is within historical ranges and the comp set utilized." Genuine Parts closed on Tuesday at $77.31.