Citi analysts upgraded their rating on O’Reilly Automotive (NASDAQ:ORLY) from Neutral to Buy and raised the 12-month price target on the stock from $983.00 to $1,040.00. This decision comes after a recent decline in the stock’s price. The analysts stated that they believe the recent dip in shares presents an attractive buying opportunity, especially for a stable and defensive retailer.

Citi acknowledged the challenging environment expected in the retail sector, with reduced consumer spending on non-essential items anticipated in the latter half of 2023 and throughout 2024. They also noted difficulties in execution within defensive sectors.

However, the analysts highlighted the automotive parts retail industry’s resilience, with O’Reilly being the standout historically consistent player among auto parts retailers. Citi expects O’Reilly to demonstrate strong execution in the near to medium term.

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