Standard Motor price target lowered to $45 from $47 at Roth MKM

Roth MKM lowered the firm’s price target on Standard Motor to $45 from $47 but keeps a Buy rating on the shares after its Q3 earnings beat. The counter-cyclical nature of the business fully shines through as price increases catch up with inflation and rising interest rates, the analyst tells investors in a research note. The firm adds however that it is reducing its FY23 EPS view by 3c to $3.13 aid still-climbing factoring expense and start-up costs for a new DC.