Report
Weather & Tax Reform both favourable
The auto parts retailers are strongly positioned entering 2018, with recent weather and tax reform both favourable. Temperatures have trended favourably versus the mild conditions seen in the last two winters, while it has turned particularly cold in the last week, with some regions reporting record lows. With comparisons easing significantly from Q118, a persistence of this colder weather should generate upside to conservative consensus expectations. With the sector also a primary beneficiary of tax reform, we remain positive on the outlook, reiterate our Overweight rating on best-in-class operator ORLY and increase our PT to $300.
Underlying
O'Reilly Automotive
Provider
Atlantic Equities
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
Sam Hudson, CFA
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