Advance Auto Parts’ (AAP) Buy Rating Reiterated at Evercore ISI
Evercore ISI reaffirmed their buy rating on shares of Advance Auto Parts (NYSE:AAP) in a research note released on Tuesday morning, AnalystRatings.com reports.
“We are trimming 2H19 EPS -$0.10/-3% ahead of 2Q results on Tuesday, as we incorporate recent labor inflation that has been widespread across retail. After choppy 2Q results are released, the setup for AAP starts to improve. Weather should normalize, and compares begin to ease on a 3 year basis next quarter, with 1Q20 comps more favorable still. Critically company specific comp and margin drivers ought to gain traction on a 12-18 month view, just as a rising 4-12 year old vehicle sweet spot helps provide a comp tailwind for AAP and peers. Tariffs remain a risk for all of retail, yet with 25% tariffs already in place on 90%+ of the auto parts imported from China today, AAP and peers are relatively well positioned on this front. 2Q expectations muted given read across from competitors. 2H19 guidance reduction likely.”,” the firm’s analyst commented.
AAP has been the topic of a number of other research reports. William Blair reaffirmed an outperform rating on shares of Advance Auto Parts in a research report on Wednesday, May 22nd. ValuEngine downgraded Advance Auto Parts from a buy rating to a hold rating in a research report on Tuesday, June 11th. Wedbush reaffirmed an outperform rating and set a $200.00 price objective on shares of Advance Auto Parts in a research report on Thursday, July 11th. Goldman Sachs Group began coverage on Advance Auto Parts in a research report on Thursday, July 11th. They set a sell rating and a $151.00 price objective on the stock. Finally, Northcoast Research reaffirmed a neutral rating on shares of Advance Auto Parts in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $183.38.
Advance Auto Parts (NYSE:AAP) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $2.00 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.22). Advance Auto Parts had a net margin of 4.52% and a return on equity of 15.16%. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the business earned $1.97 EPS. Advance Auto Parts’s revenue for the quarter was up .2% compared to the same quarter last year. On average, analysts anticipate that Advance Auto Parts will post 7.98 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the business. AJO LP raised its stake in Advance Auto Parts by 2.5% in the first quarter. AJO LP now owns 18,687 shares of the company’s stock valued at $3,187,000 after buying an additional 448 shares during the last quarter. Selway Asset Management raised its stake in Advance Auto Parts by 2.0% in the first quarter. Selway Asset Management now owns 24,150 shares of the company’s stock valued at $4,118,000 after buying an additional 475 shares during the last quarter. Eagle Asset Management Inc. raised its stake in Advance Auto Parts by 25.0% in the first quarter. Eagle Asset Management Inc. now owns 20,735 shares of the company’s stock valued at $3,535,000 after buying an additional 4,145 shares during the last quarter. Manning & Napier Group LLC purchased a new stake in Advance Auto Parts in the second quarter valued at about $27,472,000. Finally, Parametric Portfolio Associates LLC raised its stake in Advance Auto Parts by 0.7% in the first quarter. Parametric Portfolio Associates LLC now owns 212,221 shares of the company’s stock valued at $36,190,000 after buying an additional 1,426 shares during the last quarter. Institutional investors own 99.11% of the company’s stock.
Advance Auto Parts Company Profile
Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories, belts and hoses, brakes and brake pads, chassis and climate control parts, clutches and drive shafts, engines and engine parts, exhaust systems and parts, hub assemblies, ignition components and wires, radiators and cooling parts, starters and alternators, and steering and alignment parts.
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