Truist lowered the firm’s price target on Genuine Parts (GPC) to $129 from $164 and keeps a Buy rating on the shares after its Q3 earnings miss. The firm notes that it had expected better Q3 results, but both of the company’s end markets haven’t recovered as much as anticipated and, when combined with higher-than-expected cost pressures, earnings have now been reset sharply lower for FY24 and FY25, the analyst tells investors in a research note.
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