Zacks Investment Research upgraded shares of Genuine Parts Company (GPC) from NEUTRAL to OUTPERFORM on April 22, 2013, with a target price of $88.00.
Genuine Parts has undertaken various initiatives to boost sales and earnings, such as product line expansion, penetration into new markets and acquisitions. In the first quarter of 2013, the company posted flat earnings per share of $0.93, missing the Zacks Consensus Estimate by $0.06. Revenues grew marginally by 0.6% to $3.2 billion, which was lower than the Zacks Consensus Estimate of $3.3 billion. Nevertheless, the company expects to report strong sales and earnings for the remainder of the year and is optimistic about its recent acquisition of Exego Group. Therefore, we have upgraded our recommendation to Outperform from Neutral and set a target price of $88.00.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Genuine Parts Company (GPC),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment