Morgan Stanley upgraded O’Reilly Automotive (ORLY) to Overweight from Equal Weight with a price target of $1,450, up from $1,150. Following two years of deceleration in auto parts aftermarket demand, cyclical headwinds will abate in 2025, the analyst tells investors in a research note. The firm says that longer term, the industry remains healthy, and O’Reilly is the “best-in- class operator reliably gaining market share and accruing profit margins.” It expects the company’s comp momentum to reaccelerate to its mid-single-digit long-term trendline.
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