Evercore ISI analyst Greg Melich is initiating a positive tactical trading call on Genuine Auto Parts and adding the stock to the firm’s “Tactical Outperform” list. The firm sees a “growing likelihood” that the company’s NAPA U.S. auto business’ comps bottomed in Q3 and argues that the ongoing UAW strike extending into GM (GM) Stellantis’ (STLA) parts distribution facilities provides some opportunities to reaccelerate the business. Evercore has an In Line rating and $160 price target on Genuine Auto shares.
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