Genuine Parts falls as Evercore ISI lowers PT

Genuine Parts

19/07/2024 16:14

** Shares of automotive and industrial spare parts maker
Genuine Parts  GPC.N  fall 1.3% to $138.39 
    ** Evercore ISI adds stock to its 'tactical underperform'
list; cuts PT to $150 from $155 
    ** "Industrial faces uncertainty over the election/slowing
macro which is likely to keep organic growth constrained, in our
view," brokerage says
    ** "Our Base Case on a 12-18 month view is reduced to $150
using ~14.5x C25 EPS of $10.35, with a near term risk of high
single digit downside into the 2Q print given our concern over
potential sluggish consumer backdrop in U.S. Auto," Evercore
adds
    ** 5 of 14 brokerages rate GPC stock "buy" or higher and 9
"hold"; their median PT is $167.36
    ** YTD, stock has fallen 0.3% 

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))