Truist lowered the firm’s price target on Advance Auto Parts to $53 from $55 and keeps a Hold rating on the shares. The company’s Q3 results were “poor” and its core business is “under severe pressure”, the analyst tells investors in a research note. While new management teams deserve “benefit of the doubt”, retail turnarounds are notoriously difficult, and Advance Auto Parts is a complex business that is under significant financial strain at 3.3-times Debt level to expected EBITDA, the firm added.
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- Advance Auto Parts’ (NYSE:AAP) Q3 Results Draw Mixed Analyst Reactions
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