Advance Auto Parts (AAP) Upgraded to Buy at Zacks Investment Research
Advance Auto Parts (NYSE:AAP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $130.00 price target on the stock. Zacks Investment Research‘s price target suggests a potential upside of 13.69% from the company’s current price.
According to Zacks, “The Zacks Consensus Estimate for Advance Auto Parts’ quarterly earnings has been going up of late. The company is focusing on store expansions in order to enhance its profit. Additionally, it is also working towards the improvement of its comparable store sales and margins in the long-term. The company’s five-year strategy to a productivity pipeline will lead to the elimination of unnecessary costs. Also in the last three months, Advance Auto Parts’ shares have outperformed the industry it belongs.”
A number of other research analysts have also issued reports on the company. Raymond James Financial restated a “market perform” rating on shares of Advance Auto Parts in a research report on Wednesday, October 4th. BTIG Research restated a “sell” rating and set a $75.00 price objective (down previously from $90.00) on shares of Advance Auto Parts in a research report on Wednesday, October 25th. Royal Bank of Canada boosted their price target on Advance Auto Parts from $100.00 to $109.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 15th. Morgan Stanley set a $120.00 price target on Advance Auto Parts and gave the stock a “buy” rating in a research report on Tuesday, December 12th. Finally, Citigroup lowered Advance Auto Parts from a “strong-buy” rating to a “market perform” rating in a research report on Wednesday, October 4th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $107.90.
Advance Auto Parts (NYSE:AAP) last released its quarterly earnings data on Tuesday, November 14th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.18. Advance Auto Parts had a return on equity of 13.51% and a net margin of 3.75%. The business had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.21 billion. During the same quarter in the previous year, the firm posted $1.73 EPS. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. sell-side analysts forecast that Advance Auto Parts will post 5.24 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Veritable L.P. raised its stake in shares of Advance Auto Parts by 0.3% in the 2nd quarter. Veritable L.P. now owns 2,008 shares of the company’s stock worth $234,000 after buying an additional 6 shares in the last quarter. QS Investors LLC raised its stake in shares of Advance Auto Parts by 0.9% in the 2nd quarter. QS Investors LLC now owns 1,017 shares of the company’s stock worth $119,000 after buying an additional 9 shares in the last quarter. Security National Bank of Sioux City Iowa IA raised its stake in shares of Advance Auto Parts by 1.1% in the 2nd quarter. Security National Bank of Sioux City Iowa IA now owns 6,107 shares of the company’s stock worth $712,000 after buying an additional 67 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Advance Auto Parts by 4.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,582 shares of the company’s stock worth $184,000 after buying an additional 68 shares in the last quarter. Finally, HighTower Advisors LLC raised its stake in shares of Advance Auto Parts by 1.7% in the 2nd quarter. HighTower Advisors LLC now owns 5,370 shares of the company’s stock worth $626,000 after buying an additional 91 shares in the last quarter.
TRADEMARK VIOLATION NOTICE: “Advance Auto Parts (AAP) Upgraded to Buy at Zacks Investment Research” was originally posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this piece on another publication, it was illegally copied and republished in violation of US and international copyright & trademark law. The original version of this piece can be accessed at https://www.thecerbatgem.com/2018/01/16/advance-auto-parts-aap-upgraded-to-buy-at-zacks-investment-research.html.
About Advance Auto Parts
Advance Auto Parts, Inc provides automotive aftermarket parts in North America, serving do-it-for-me (Professional) and do-it-yourself (DIY), customers. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Advance Auto Parts Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Advance Auto Parts and related companies with MarketBeat.com's FREE daily email newsletter.