Advance Auto Parts price target lowered to $150 from $180 at Wells Fargo

Wells Fargo analyst Zachary Fadem lowered the firm’s price target on Advance Auto Parts to $150 from $180 and keeps an Equal Weight rating on the shares. The analyst notes that 2023 features more moving parts than an automatic transition — and considering well documented macro pressure, data point roulette — he prefers a barbell approach to Hardlines positioning in the first half of 2023.