Wells Fargo lowered the firm’s price target on Advance Auto Parts to $40 from $50 and keeps an Equal Weight rating on the shares. The firm met with CEO Shane O’Kelly and CFO Ryan Grimsland and walked away with a better understanding of Advance Auto’s turnaround playbook, capital priorities and long-term margin levers, the analyst tells investors in a research note. While the tone was optimistic, specifics are elusive and the firm awaits November’s extended EPS event for more details.
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