Mizuho lowered the firm’s price target on Advance Auto Parts to $38 from $45 and keeps a Neutral rating on the shares. Following a call with Advance Auto’s former Chief Operating Officer, the analyst is “somewhat less confident” in a nearer-term recovery. Advance Auto’s operational turnaround, focusing on supply chain functionality and improving parts availability, may “ultimately become a grueling 3-5 year process” given the complexities of the auto aftermarket, compounded by the missteps of prior management teams, the analyst tells investors in a research note.
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