Advance Auto Parts Now Covered by Analysts at Wedbush (AAP)
Wedbush started coverage on shares of Advance Auto Parts (NYSE:AAP) in a research note issued on Monday, TheFlyOnTheWall.com reports. The firm set an “underperform” rating and a $70.00 price target on the stock. Wedbush’s price target suggests a potential downside of 16.28% from the company’s current price.
The analysts wrote, “Initiating coverage on AAP with an UNDERPERFORM rating and a $70 price target. AAP is a company in transition. CEO Darren Jackson has transformed the company over the past five years, installing many of the capabilities for growing commercial sales. The company now must harvest the investments and cut costs, while ensuring its core DIY business does not suffer further. That is a challenging proposition, particularly in an industry environment that we see becoming less favorable, as we detail in our industry initiation report, Glory Days No More.”
Shares of Advance Auto Parts (NYSE:AAP) opened at 83.61 on Monday. Advance Auto Parts has a 52 week low of $64.36 and a 52 week high of $88.74. The stock’s 50-day moving average is $81.12 and its 200-day moving average is $82.26. The company has a market cap of $6.098 billion and a P/E ratio of 15.76.
Advance Auto Parts (NYSE:AAP) last released its earnings data on Thursday, August 8th. The company reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.11. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the company posted $1.34 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts expect that Advance Auto Parts will post $5.54 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Advance Auto Parts in a research note to investors on Monday, September 30th. They now have a $86.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Advance Auto Parts from $94.00 to $95.00 in a research note to investors on Tuesday, August 13th. They now have an “overweight” rating on the stock. Finally, analysts at Credit Suisse raised their price target on shares of Advance Auto Parts from $75.00 to $82.00 in a research note to investors on Tuesday, August 13th. They now have a “neutral” rating on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $120.21.
Advance Auto Parts, Inc (NYSE:AAP) is a specialty retailer of automotive aftermarket parts, accessories, batteries and maintenance items primarily operating within the United States.
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