Advance Auto Parts Stock Rating Reaffirmed by Zacks (AAP)
Advance Auto Parts (NYSE:AAP)‘s stock had its “outperform” rating reaffirmed by Zacks in a research note issued on Thursday. They currently have a $148.00 price target on the stock. Zacks‘s target price would indicate a potential upside of 20.33% from the stock’s previous close.
Zacks’ analyst wrote, “Advance Auto Parts witnessed a 35.5% rise in adjusted comparable earnings to $2.25 per share in the first quarter of fiscal 2014, exceeding the Zacks Consensus Estimate by $0.09. Revenues went up 47.3% year over year to $2.97 billion but missed the Zacks Consensus Estimate of $2.99 billion. Sales benefited from the acquisition of General Parts, increase in comparable same-store sales and the net addition of new stores in the last 12 months. Advance Auto Parts raised its guidance for 2014 comparable cash earnings per share to $7.30-$7.50. Store expansion and benefits from acquisitions are some other positives. Thus, we have maintained an Outperform recommendation on the stock.”
Shares of Advance Auto Parts (NYSE:AAP) traded down 0.87% on Thursday, hitting $121.925. 460,780 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 $136.12. The stock has a 50-day moving average of $129.1 and a 200-day moving average of $124.4. The company has a market cap of $8.885 billion and a price-to-earnings ratio of 21.66.
Advance Auto Parts (NYSE:AAP) last released its earnings data on Thursday, May 15th. The company reported $2.25 EPS for the quarter, beating the Thomson Reuters 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 $7.57 EPS for the current fiscal year.
A number of other firms have also recently commented on AAP. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Advance Auto Parts in a research note on Friday, June 27th. They now have a $143.00 price target on the stock, up previously from $140.00. Separately, analysts at Raymond James reiterated a “strong-buy” rating on shares of Advance Auto Parts in a research note on Thursday, June 26th. They now have a $150.00 price target on the stock, up previously from $145.00. Finally, analysts at Citigroup Inc. initiated coverage on shares of Advance Auto Parts in a research note on Tuesday, June 24th. They set an “overweight” rating and a $150.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $133.83.
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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