Morgan Stanley raised the firm’s price target on O’Reilly Automotive (ORLY) to $1,580 from $1,450 and keeps an Overweight rating on the shares. While the firm’s thesis remains based on the company’s ability to gain market share in a favorably positioned Auto Parts retail sector and drive earnings upside, Q1 results are “a modest knock” as better sales did not translate into stronger profits, the analyst tells investors. However, as long as O’Reilly is taking share, the “bull case remains intact,” the analyst added.
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