Truist upgrades Genuine Parts on improved risk/reward post selloff

Truist upgraded Genuine Parts to Buy from Hold with an unchanged price target of $186. Despite some potential weather-related headwinds in Q1, the company reiterated its fiscal 2023 guidance, the analyst tells investors in a research note. The firm says the upgrade is based on the combination of its continuing bullish view of the automotive aftermarket business, an "increasingly positive outlook" for the industrial segment given mix changes and onshoring/nearshoring momentum, along with the stock’s 14% drop in the last month. These improve the risk/reward profile on Genuine Parts shares, according to Truist.