Truist analyst Scot Ciccarelli raised the firm’s price target on Genuine Parts to $186 from $170 and keeps a Hold rating on the shares. The company’s Q4 results topped expectations and its FY23 outlook was "modestly better" than projected, the analyst tells investors in a research note, adding that Truist remains bullish on the Auto business and expects trends to continue to be driven by same SKU inflation and elevated vehicle prices. The firm added however that with Genuine Parts shares rising 50% over the past 12 months, it prefers to wait for a better risk-return opportunity.
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Published first on TheFly
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