Goldman Sachs Comments On Genuine Parts Co.

Goldman Sachs has put out a report on Genuine Parts (NYSE: GPC) noting a strong 2Q for the company.

In the report, Goldman Sachs writes, "2Q results were strong, but we believe revenue tailwinds driving the automotive and industrial divisions will moderate, gross margin rate progress has the potential to be choppy, and valuation is high. As such, we reiterate our Sell rating, relative to our coverage. Nevertheless, we lift our 12-month target price by $1 to $53, on our slightly higher estimates." Goldman Sachs also noted that high valuation shaped their conclusions.

Goldman Sachs rates Genuine Parts a SELL with a price target of $53.00. Genuine Parts closed at $57.10 Friday.