Advance Auto Parts price target lowered to $142 from $170 at DA Davidson

DA Davidson analyst Michael Baker lowered the firm’s price target on Advance Auto Parts to $142 from $170 and keeps a Neutral rating on the shares after its Q4 results. The company’s operating margins came in at the low end of the guidance range, though pricing drove gains on the top line and led to an earnings beat, the analyst tells investors in a research note. The firm added that Advanced Auto Parts believes inflation will ease in the second half of this year, but this brings questions about maintaining prices when costs come down.