Evercore ISI analyst Greg Melich is removing Genuine Parts from the firm’s “Tactical Underperform” list with the stock down 2%, versus the S&P being up 1%, since its tactical call was made. Genuine’s slower Q2 organic comp decline of 0.9%, segment margin pressure, and flat EPS “show navigating a choppy Auto & Industrial backdrop while battling wage inflation isn’t easy,” says the analyst, who has an In Line rating on the shares and decreased its price target to $148 from $150.
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Read More on GPC:
- Genuine Parts cuts FY24 adjusted view to $9.30-$9.50 from $9.80-$9.95
- Genuine Parts reports Q2 adjusted EPS $2.44, consensus $2.59
- Genuine Parts Company Reports Second Quarter 2024 Results and Revises Full-Year Outlook
- GPC Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Genuine Parts added to ‘Tactical Underperform’ list at Evercore ISI
