Zacks Investment Research upgraded shares of Standard Motor Products Inc. (SMP) from NEUTRAL to OUTPERFORM on March 12, 2015, with a target price of $50.00.
We are upgrading the recommendation on Standard Motor to Outperform from Neutral. The company reported a 16.7% rise in adjusted earnings per share to $0.49 in the fourth quarter of 2014, which surpassed the Zacks Consensus Estimate by $0.03. Standard Motor is poised to benefit from its joint venture with Gwo Yng Enterprises, its acquisition of certain assets and liabilities of Annex Manufacturing and the takeover of Pensacola Fuel Injection. The company's strong brand recognition and new initiatives are expected to have favorable impacts, going forward. In addition, the company's strong financial position has allowed it to hike its dividend by 15% and authorize an additional share repurchase program of $10 million.
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