Genuine Parts price target lowered to $162 from $166 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Genuine Parts to $162 from $166 and keeps a Neutral rating on the shares. The analyst cites the company’s softer than expected Q2 results and guidance cut, with U.S. Automotive demand remaining pressured and trends in the European Automotive business slowing. Genuine Parts has also delayed expectations for improved manufacturing activity, largely due to a revised macro outlook for the second half of the year, Goldman Sachs states.