O'Reilly Automotive Receives Price Target Boost on Strong Buy Rating

By Don Francis, Editor
April 3, 2024 7:38 AM UTC
O'Reilly Automotive Receives Price Target Boost on Strong Buy Rating

Truist Securities's Scot Ciccarelli raised their price target on O'Reilly Automotive (NASDAQ: ORLY) by 7.4% from $1,149 to $1,234 on April 2, 2024. The analyst maintained their Strong Buy rating on the stock.

Ciccarelli's price target hike was driven by a thorough analysis of the company's Consumer Cyclical (Hardlines/Broadlines Retail) coverage area. According to the analyst, Truist Securities' Credit Card Data suggests that spending patterns across the covered retailers have remained fairly solid during this "extended" Q4 earnings season.

Truist Securities revised its price targets to reflect a "more expansive market multiple," indicating optimism about ORLY's future prospects. While most retailers are anticipating weaker trends in the first half of 2024, Ciccarelli believes that as comparisons become easier, the company could experience "somewhat stronger sales" in the second half.

Another analyst, Greg Melich from Evercore ISI Group, also issued an update on O'Reilly Automotive on April 2, 2024. Melich raised their price target by 0.4% from $1,235 to $1,240 and maintained their Buy rating on the stock.

Currently, 75% of top-rated analysts view ORLY as a Strong Buy or Buy, while 25% consider it a Hold. No analysts recommend or strongly recommend selling the stock.

Analysts, on average, forecast that ORLY will deliver earnings per share (EPS) of $39.12 in the upcoming year. If their predictions hold true, this would represent a 0.8% increase in yearly EPS compared to the previous year.

In terms of stock performance, ORLY has seen significant gains. Since its last quarterly report on December 31, 2023, the stock price has risen by 20%. Year-over-year, ORLY's stock is up by an impressive 31.4%, outpacing the broader S&P 500 index, which has increased by 26.2%.

Scot Ciccarelli, the Truist Securities analyst behind the recent price target hike, is highly regarded in the industry. WallStreetZen ranks Ciccarelli in the top 3% out of 4,530 Wall Street analysts, with an average return of 14.4% and a win rate of 68.5%. The analyst specializes in the Consumer Cyclical, Industrials, and Consumer Defensive sectors.

O'Reilly Automotive, Inc. operates as a leading retailer and supplier of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States. The company offers a wide range of new and remanufactured automotive hard parts, maintenance items, and accessories, catering to both do-it-yourself and professional service provider customers. With over 5,700 stores in the United States and 25 stores in Mexico, O'Reilly Automotive continues to be a prominent player in the industry.

Get free updates on ORLY

WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).

Create a free watchlist and be the first to know when top-rated Wall Street analysts revise their ORLY average stock price target.

Want to get in touch? Email us at news@wallstreetzen.com.

WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.

WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.