Mizuho lowered the firm’s price target on Advance Auto Parts to $45 from $64 and keeps a Neutral rating on the shares. The stock sold off post the Q2 results given a combination of an “underwhelming” $1.2B of net proceeds from Worldpac’s long-anticipated divestiture, as well as a substantial fiscal 2024 earnings guide down of more than 40% at the midpoint, the analyst tells investors in a research note. The firm says Advance Auto’s sales and earnings visibility is “dramatically altered” versus several months ago.
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