Citi raised the firm’s price target on Advance Auto Parts to $60 from $53 and keeps a Neutral rating on the shares. The company’s results and guidance provided a mixed picture with weaker-than-expected fundamentals, but a faster-than-expected timeline to drive strategic changes, the analyst tells investors in a research note. The road will be choppy for profitability and free cash flow growth, but Citi was “impressed” by the speed in which strategic decisions have been made, the firm added.
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