Stephens lowered the firm’s price target on Advance Auto Parts to $71 from $77 and keeps an Equal Weight rating on the shares after the company reported a Q2 miss and announced the conclusion of its CEO search. While the valuation “could be compelling,” the ongoing price investments add margin questions and the firm lacks visibility into sustainable comps, says Stephens, which is revising its FY23 adjusted EPS estimate to $4.67 from $5.94 to reflect the Q2 miss and weaker margins.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on AAP:
- Advance Auto Parts to replace Emergent BioSolutions in S&P 600 at open on 8/25
- Kenvue to replace Advance Auto Parts in S&P 500 at open on 8/25
- Advance Auto Parts price target lowered to $65 from $67 at Truist
- Advance Auto Parts price target lowered to $70 from $84 at RBC Capital
- Advance Auto Stock (NYSE:AAP) Gains Despite Mixed Q2 Results; Updates Guidance
