Advance Auto Parts price target lowered to $60 from $64 at Evercore ISI

Evercore ISI lowered the firm’s price target on Advance Auto Parts (AAP) to $60 from $64 and keeps an In Line rating on the shares. Advance is “taking difficult but necessary steps to shore up the foundation” of its core blended box Advance/CarQuest stores. The first step was securing a reasonable price for divesting Worldpac, says the analyst, who argues that the $1.5B sale to Carlyle (CG), while about $150M below the firm’s estimate, “checks the box.”