Truist lowered the firm’s price target on Advance Auto Parts to $46 from $63 and keeps a Hold rating on the shares. The good news is that Q2 sales were in-line and the Worldpac sale is a positive, as it should help strengthen the balance sheet, but the bad news is that even with aggressive cost cuts, core profitability continues to erode, the EPS guidance was cut by 45% and the disposition of Worldpac will likely be even more earnings dilutive to Remain-co than initially assumed, the analyst tells investors in a research note.
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