Genuine Parts price target raised to $183 from $167 at Truist

Truist raised the firm’s price target on Genuine Parts to $183 from $167 and keeps a Buy rating on the shares. The firm notes Q1 Auto and Industrial margins were broadly in-line with its expectations, but came in above the company’s internal forecasts, causing Genuine Parts to modestly increase its full year EPS outlook. Importantly, after 6 quarters of decelerating trends, U.S. Auto comps stabilized, improved sequentially during the quarter and trends are expected to improve throughout the year, both from internal changes and as comparisons ease, says Truist. After a rough 2023, the firm thinks both segments will show sequential improvements throughout 2024 and believes Genuine Parts’ shares can continue to re-rate higher.