Advance Auto Parts price target lowered to $56 from $69 at Barclays

Barclays lowered the firm’s price target on Advance Auto Parts to $56 from $69 and keeps an Equal Weight rating on the shares. On his first call as new CEO, Shane O’Kelly laid out efforts to get the company back on track, including announcing the sale of Worldpac and Canada, initiating a $150M cost cutting plan and restructuring, and other management changes, but there are a number of unknowns, with additional financial restatements this quarter, a new CFO coming in, and other major turnaround efforts for next year that will be critical to the transformation, the analyst tells investors in a research note.