Jefferies raised the firm’s price target on O’Reilly Automotive (ORLY) to $1,100 from $1,060 and keeps a Buy rating on the shares. The firm expects 2024 results in automotive aftermarket to continue to be influenced by a tighter money economy as consumers stare down a potential recession on the horizon. However, “recession or not,” it sees aftermarket parts retailers as poised for growth in 2024 and highlight O’Reilly and “DIY-heavy peer” AutoZone (AZO) as top picks in the space.
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