Advance Auto Parts Coverage Initiated by Analysts at Morgan Stanley (AAP)
Analysts at Morgan Stanley began coverage on shares of Advance Auto Parts (NYSE:AAP) in a research report issued to clients and investors on Tuesday. The firm set an “overweight” rating and a $150.00 price target on the stock. Morgan Stanley’s price target points to a potential upside of 15.52% from the stock’s previous close.
The analysts wrote, “The combination of deal synergies, a greater DIFM mix and the harnessing of WORLDPAC should elevate AAP’s growth rate over the next few years. We see EPS potential of $11+ by 2016, significantly higher than what the market expects. This is based on synergy achievement of $300+ million, more than double the targeted amount. Though a synergy raise was not likely (and the market seemed to appreciate this heading into the meeting), the stock’s ~2% pullback yesterday implied that the event left something to be desired. Other than high expectations, nothing we heard sounded different or less optimistic than before.”
A number of other firms have also recently commented on AAP. Analysts at Zacks reiterated an “outperform” rating on shares of Advance Auto Parts in a research note on Monday, May 19th. They now have a $146.00 price target on the stock. Separately, analysts at Nomura reiterated a “neutral” rating on shares of Advance Auto Parts in a research note on Friday, May 16th. They now have a $125.00 price target on the stock, up previously from $120.00. Finally, analysts at RBC Capital raised their price target on shares of Advance Auto Parts from $148.00 to $149.00 in a research note on Friday, May 9th. They now have a “top pick” rating on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $132.83.
Advance Auto Parts (NYSE:AAP) traded up 1.22% on Tuesday, hitting $131.44. 145,114 shares of the company’s stock traded hands. Advance Auto Parts has a one year low of $78.91 and a one year high of $133.92. The stock has a 50-day moving average of $125.1 and a 200-day moving average of $120.8. The company has a market cap of $9.578 billion and a P/E ratio of 22.87.
Advance Auto Parts (NYSE:AAP) last posted its quarterly earnings results on Thursday, May 15th. The company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.09. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.96 billion. Analysts expect that Advance Auto Parts will post $7.58 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, July 2nd. Shareholders of record on Wednesday, June 18th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.18%. The ex-dividend date is Monday, June 16th.
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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