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Genuine Parts Cut to “Underperform” at Bank of America/Merrill Lynch (GPC)

Auto replacement parts retailer Genuine Parts Company ( GPC ) on Thursday caught a big downgrade from analysts at Bank of America/Merrill Lynch.

The firm said it cut its rating on GPC from "Buy" all the way down to "Underperform." Bank of America/Merrill Lynch noted the move was a valuation call, based on its current $60 price target. Still, that target suggests an 11% upside to the stock's Wednesday closing price of $53.95.

Genuine Parts shares were unchanged in premarket trading Thursday.

The Bottom Line

Shares of Genuine Parts ( GPC ) have a 3.34% dividend yield, based on last night's closing stock price of $53.96. The stock has technical support in the $48-$50 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $56-$57 a share.

Genuine Parts Company ( GPC ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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