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GPC

Genuine Parts

$93.79

-2.56 (-2.66%)

11:35
10/19/16
10/19
11:35
10/19/16
11:35

Genuine Parts cuts FY automotive sales view to up 1%-2% from up 2%-3%

Says most operations back up and running following Hurricane Matthew. Says Q3 performance fell short of expectations, cites challenging sales environment. Says September the strongest month in an otherwise challenging quarter. Says challenges company facing are "transitory." Says will look at strategic, bolt-on acquisitions. Says pricing environment across businesses relatively unchanged, with very little supplier inflation. Sees FY net interest expense about $20M. Sees FY tax rate 36.2%-36.5%. Says balance sheet "in excellent condition." Sees FY cash from operations $900M-$1B, free cash flow $400M-$450M. Says capital allocation priorities include strategic acquisitions, repurchases, reinvestment in business, dividends. Says acquisitions will mostly be smaller sized companies with annual revenues in $25M-$150M range, but says "open minded" to businesses of all sizes. Sees 2016 CapEx $120M-$140M. Cuts FY16 automotive sales view to up 1%-2% from up 2%-3%. Cuts industrial sales view to flat to down 1% from flat to up 1% and electrical sales view to down 5%-down 6% from down 2%-down 3%, still sees office sales up 2%-3%. Comments taken from the Q3 earnings conference call. Genuine Parts is down 2.8% to $93.68 in late morning trading.

  • 19

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GPC Genuine Parts
$93.79

-2.56 (-2.66%)

07/14/16
GABE
07/14/16
DOWNGRADE
GABE
Hold
Genuine Parts downgraded to Hold from Buy at Gabelli
Gabelli analyst Brian Sponheime downgraded Genuine Parts to Hold based on recent price appreciation.
07/14/16
07/14/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Wynn (WYNN) Resorts downgraded to Neutral from Overweight at JPMorgan with analyst Joseph Greff saying the shares look fairly valued following the year-to-date rally. 2. Eaton (ETN) downgraded to Neutral from Buy at BofA/Merrill with analyst Andrew Obin citing valuation and balanced risk/reward. 3. Lionsgate (LGF) downgraded to Market Perform from Outperform at Bernstein with the firm saying it thinks that the Starz (STRZA) acquisition exposes Lionsgate to the portion of the entertainment market that "is in structural decline." 4. Genuine Parts (GPC) downgraded to Hold from Buy at Gabelli with analyst Brian Sponheime citing recent price appreciation. 5. Brocade (BRCD) downgraded to Underperform from Neutral at Baird. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/15/16
JEFF
07/15/16
DOWNGRADE
Target $112
JEFF
Hold
Genuine Parts downgraded to Hold from Buy at Jefferies
Jefferies analyst Bret Jordan downgraded Genuine Parts Company to Hold with the stock close to his unchanged price target of $112. The analyst views the shares as fairly valued at current levels.
08/25/16
SUSQ
08/25/16
INITIATION
Target $102
SUSQ
Neutral
Genuine Parts initiated with a Neutral at Susquehanna
Susquehanna analyst Ali Faghri initiated Genuine Parts with a Neutral and $102 price target.

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AAPL

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INCY

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$102.02

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, PFE

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AGIO

Agios Pharmaceuticals

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GPRO

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KPTI

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  • 05

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GBT

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CELG

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XLRN

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ALNY

Alnylam

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ALXN

Alexion

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LYV

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NVS

Novartis

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