O'Reilly Automotive's (ORLY) potential acquisition of Genuine Parts' (GPC) NAPA business could deliver upside, but the benefits could be outweighed by challenges, including how different the international and independent businesses are from O'Reilly's core operations, Truist Securities said Tuesday.

The deal could increase O'Reilly's scale by adding all or part of the business' estimated $16 billion in sales, improving productivity through its industry-leading sales per store and margins, and significantly expanding its international presence through operations in Europe, Australia and Canada.

Truist questioned whether O'Reilly would want the international businesses, noting they would represent entirely new markets for the company and that vehicle repair processes differ across most international markets, making them difficult to manage.

The brokerage also said it expects the Federal Trade Commission would require significant store divestitures in any combination of the two companies, reducing the potential revenue and profit opportunity.

Truist maintained a buy rating on O'Reilly Automotive with a $108 price target.

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