RBC Capital lowered the firm’s price target on Advance Auto Parts to $70 from $84 and keeps a Sector Perform rating on the shares. The company has reduced its FY23 profit expectations and announced a strategic review ahead of new leadership taking the helm next month, which in theory should set the stage for an upwards earnings revision story, though investors are likely to question “why this time is different”, the analyst tells investors in a research note. RBC’s reduced price target better reflects disinflation and a slower transaction recovery despite continued price investments, the firm added.
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