2023-05-02 06:50:36 ET
Goldman Sachs raised its rating on Genuine Parts Company ( NYSE: GPC ) to Neutral from Sell on Tuesday.
The firm noted valuation on the automotive retailer on an absolute and relative near-term P/E basis has come down and is now more in line with historical averages. In addition, the European automotive business has been more resilient for GPC than anticipated and momentum in the company’s Industrial segment is noted to remains strong.
The overall view from Goldman Sachs is that the risk/reward on Genuine Parts ( GPC ) from a valuation perspective is now fairly balanced at the stock's trading level.
Shares of Genuine Parts ( GPC ) tracked 0.57% higher in premarket trading to $171.90.
More on Genuine Parts:
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- View the growth metrics
- See the financial and valuation comparisons to sector peers
- Dig into the Seeking Alpha Quant Rating
For further details see:
Genuine Parts Company shakes free of bear rating from Goldman Sachs