BofA raised the firm’s price target on O’Reilly Automotive (ORLY) to $1,360 from $1,290 and keeps a Buy rating on the shares. The firm notes that O’Reilly reported Q3 EPS of $11.41 vs. $11.54 consensus, and comp growth of 1.5% vs. 2.5% consensus. Comp growth was below expectations due to broad-based consumer pressures and a soft demand environment on both Pro and DIY sides. BofA continues to view O’Reilly as a best-in-class operator within the auto aftermarket, which has historically been more resilient than the broader Consumer Discretionary sector.
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