Wells Fargo analyst Zachary Fadem raised the firm’s price target on O’Reilly Automotive (ORLY) to $105 from $103 and keeps an Overweight rating on the shares. The firm says that while shares indicate lower, it disagrees. Q2 comparable sales topped expectations, gross margin handily beat and SG&A/store was a sole sticking point, Wells adds. Reinvestment should no longer surprise and the firm sees Q3 re-accelerating ahead.
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