Genuine Parts downgraded to Hold from Buy at Truist

Truist downgraded Genuine Parts (GPC) to Hold from Buy with a price target of $127, down from $162. The company’s business separation should be a positive but its auto business continues to disappoint, the analyst tells investors in a research note. With the separation a year away, Truist believes Genuine’s “deteriorating” auto business will overshadow the spinoff. It cites the weak auto unit and the company’s growing competitive challenges for the downgrade.