Genuine Parts price target raised to $170 from $140 at Wedbush

Wedbush analyst Seth Basham raised the firm’s price target on Genuine Parts to $170 from $140 and keeps a Neutral rating on the shares. Genuine Parts’ Q4 results missed consensus expectations on the top-line, but modestly beat on the bottom line, and while Industrial sales missed expectations, Industrial profit margins were strong, the analyst tells investors in a research note. Wedbush doesn’t expect much additional pickup in comp sales from restocking and inventory normalization, but looks to reorganized field teams that better aligns selling teams and improving fill rates from new suppliers to help improve NAPA’s comps.