UPDATE: Wedbush Initiates Coverage on Genuine Parts Company on Continued Slow and Steady Growth

In a report published Tuesday, Wedbush analyst Seth Basham initiated coverage on

with a Neutral rating and $84.00 price target. In the report, Wedbush noted, “Initiating Coverage with a NEUTRAL Rating and $84 PT. GPC is a leading distribution company with a long history of steady growth. Led by CEO Tom Gallagher since 2004, GPC has consistently grown its dividend for the past 57 years—even in the depths of the last recession. This speaks to the steady growth and conservative management that GPC offers investors and we expect that to persist well into the future.” Genuine Parts Company closed on Monday at $79.91.