09:55 AM EDT, 04/18/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target by $20 to $180, based on a 2025 P/E of 16.7x, a discount to GPC's 10-year mean forward P/E of 18.7x. We increase our adjusted EPS estimates to $9.90 from $9.85 for 2024 and to $10.80 from $10.70 for 2025. GPC posted Q1 adjusted EPS of $2.22 vs. $2.14 (+4%), ahead of the $2.17 consensus. The beat was driven by stronger-than-expected margins, as revenue rose 0.3% to $5.78B ($60M below consensus), comp sales fell 0.9% (+0.2% for Automotive and -2.6% for Industrial), and acquisitions provided a 1.9% benefit. Gross margin expanded 100 bps to 35.9% (40 bps ahead of consensus). GPC raised 2024 adjusted EPS guidance to $9.80-$9.95 from $9.70-$9.90, vs. the current consensus of $9.78. We reiterate our Buy opinion and raise our price target. We have been impressed by GPC's execution (16 straight bottom-line beats) and like its ongoing share repurchases and S&P Dividend Aristocrat status. An expected $0.8B-$1.0B of free cash flow this year should assist with cash returns to shareholders.