Genuine Parts Surpasses EPS Consensus, Misses On Revenue: What Top Analysts Are Saying

Analysts lowered the price target of Genuine Parts Co GPC after the company reported mixed Q2 2023 results. 

The company posted second-quarter FY23 sales growth of 5.6% Y/Y to $5.92 billion, missing the consensus of $5.96 billion, and adjusted EPS of $2.44 (+10.9% Y/Y) beat the consensus of $2.34.

Truist Securities analyst Scot Ciccarelli lowered the price target to $191 from $195 with a Buy rating.

The analyst raised EPS estimates to $9.25 (from $9.10) vs. consensus of $9.08 for 2023 and $9.85 (from $9.75) vs. consensus of $9.87 for 2024 due to the Q2 upside.

Stephens & Co. analyst Daniel Imbro cut the price target to $168 from $172 at an Equal-Weight rating.

The analyst raised the adjusted EPS estimate to $9.25 (from $9.07) for 2023 and $9.82 (from $9.49) for 2024. 

At a Neutral rating, Wedbush analyst reduced the price target to $160 from $170. 

Analyst Seth Basham revised the estimate for revenues to $23.287 billion (from $23.344 billion) and EPS to $9.24 (from $9.10) for 2023 and $24.913 billion (from $24.973 billion) and $10.22 (from $10.09) for 2024.

Also, JP Morgan analyst cut the price target to $184 from $190, maintaining an Overweight rating.

Price Action: GPC shares are trading higher by 1.02% at $156.75 on the last check Friday.