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

Wedbush raised the firm’s price target on Advance Auto Parts to $70 from $60 and keeps a Neutral rating on the shares. The firm notes Advance Auto Parts reported Q4 results that were about in line on the revenue, but sharply missed on margins and EPS. Yet, the company pointed to additional cost-savings measures to drive its 2024 guidance about in line with consensus expectations, while also providing positive updates to its path forward to sustain market share centered around supply chain consolidation, Wedbush adds.