Evercore ISI analyst Greg Melich is removing Genuine Parts from the firm’s “Tactical Underperform” list with the stock down 2%, versus the S&P being up 1%, since its tactical call was made. Genuine’s slower Q2 organic comp decline of 0.9%, segment margin pressure, and flat EPS “show navigating a choppy Auto & Industrial backdrop while battling wage inflation isn’t easy,” says the analyst, who has an In Line rating on the shares and decreased its price target to $148 from $150.
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