O’Reilly Automotive added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI is initiating a positive tactical trading call on O’Reilly Automotive and adding the stock to the firm’s “Tactical Outperform” list. The stock is down 6% in the past month since the company’s “solid beat and raise” report in July, though the ongoing UAW strike extending into GM (GM) Stellantis’ (STLA) parts distribution facilities is “one more reason” that O’Reilly’s comp deceleration into the second half and 2024 “could prove more modest than feared,” the analyst tells investors. Evercore has an Outperform rating and $985 price target on O’Reilly shares.