Truist Raises Genuine Parts (GPC) Price Target to $146, Reaffirms Buy Rating

Core Insights - Genuine Parts Company (NYSE:GPC) is recognized as one of the Best Dividend Stocks for retirement portfolios [1] - Truist Securities raised the price target for GPC shares from $143 to $146 while maintaining a Buy rating after the company reported its third-quarter results [3] - The US Auto segment experienced its first positive comparable sales in eight quarters, growing by 2.2% due to approximately 2.5% same-SKU inflation [3] - The Industrial division also reported its first positive comparable sales in six quarters, despite a broader manufacturing slowdown, indicating potential for future growth [4] - Elliott Management's involvement may lead to a separation of GPC's key business segments, unlocking further value [5] - GPC has a strong track record of rewarding shareholders with growing dividends for the past 69 years, appealing to income-focused investors [5] Company Performance - The US Auto segment's growth of 2.2% is supported by same-SKU inflation of about 2.5% [3] - The Industrial division's positive sales performance is noted despite a Purchasing Managers' Index (PMI) below 50, suggesting resilience in challenging conditions [4] - The potential for the Industrial business to deliver significant leverage once industrial activity rebounds is highlighted [4] Investor Sentiment - The involvement of activist investor Elliott Management is seen as a positive factor that could enhance shareholder value [5] - GPC's reliable and appealing dividend continues to attract income-focused investors [5]