Gabelli Maintains Buy on Genuine Parts

Gabelli is out with its report today on Genuine Parts (NYSE: GPC), maintaining Buy.

In a note to clients, Gabelli writes, "Given the better than expected quarter along with some share count shrink, we are increasing our FY11 EPS estimate to $3.55 from $3.45, with our 2012 EPS estimate moving to $3.90. We continue to recommend GPC shares, as shares continue to trade at a double digit discount to our FY12 PMV of $63 (notwithstanding a 3.3% current dividend return). Though we expect some comp deceleration, we believe the company to be well positioned to gain share across its divisions and continue to return consistent value to shareholders."

Shares of GPC closed Friday at $57.10.