Goldman Sachs analyst Kate McShane raised the firm’s price target on Genuine Parts to $157 from $147 after its Q4 earnings beat and above-consensus guidance but keeps a Sell rating on the shares. The analyst states that the firm’s higher price target is driven by the roll forward of higher estimates and a slightly higher market multiple. The firm also warns that while the U.S. automotive business remains strong, it is lapping a challenging comparison during Q1. Goldman Sachs further warns that pricing is likely to be less of a tailwind going forward for Genuine Parts.
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Published first on TheFly
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