Truist lowers Genuine Parts to 'hold' on soft auto business performance

Truist lowers automotive and industrial parts distributor Genuine Parts' GPC.N rating to "hold" from "buy"; PT at $127 from $162 earlier

New PT represents 1% upside on stock's last close

Brokerage says while co's plan to separate its auto and industrial segments is positive, it is overshadowed by soft performance in its auto business

Says co's performance has been impacted by higher interest rates to fund inventory and continued expense inflation

Brokerage adds that management and process changes take time to improve operations, but these changes have been ongoing for the better part of two years and performance remains soft, suggesting continued share losses

As of last close, shares up about 2.3% YTD