Advance Auto Parts price target raised to $70 from $60 at Truist

Truist analyst Scot Ciccarelli raised the firm’s price target on Advance Auto Parts to $70 from $60 and keeps a Hold rating on the shares as part of a broader research note on Hardlines/Broadlines in the Consumer sector. Truist Card Data suggests that spending trends have largely been solid across its coverage, which is also largely consistent with reports from the covered retailers throughout this extended Q4 earnings season, the analyst tells investors in a research note. The firm is adjusting its price targets to reflect a broader market multiple expansion, also noting that while most retailers are still expecting somewhat softer trends in the first half of the year, this is to be followed by moderately better sales in the second half as comparisons ease.