Argus analyst Taylor Conrad downgraded Advance Auto Parts to Hold from Buy. The company has struggled to expand margins amid inflation and currency headwinds, paused stock buybacks and, in contrast with recent years, has not announced a dividend increase in 2023, the analyst tells investors in a research note. Argus adds that Advance Auto Parts is also facing management uncertainty as it searches for a new CEO, further noting that the stock is "fairly valued" at 13-times its 2023 EPS estimate.
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