Truist lowered the firm’s price target on Genuine Parts (GPC) to $129 from $164 and keeps a Buy rating on the shares. Given Truist’s relatively favorable takes from its late-August report, the firm expected better Q3 results, though both end markets haven’t recovered as much as anticipated and, when combined with higher-than-expected cost pressures, earnings have not been reset sharply lower for 2024 and 2025. While the knee-jerk reaction is to downgrade the stock, the firm also believes that if there is a Republican win in two weeks, it would likely benefit both of Genuine Parts’ segments.
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