Advance Auto Parts (NYSE:AAP) Price Target Raised to $47.00

Key Points

• TD Cowen raised its price target on Advance Auto Parts to $47 from $45 but maintained a Hold rating, implying about 2.2% upside from the prior close. Analysts overall also rate the stock Hold, with an average price target of $47.50.
• The company reported quarterly EPS of $0.79, slightly above the $0.77 consensus estimate, while revenue of $2.01 billion fell short of estimates and declined 1.2% year over year.

Advance Auto Parts (NYSE:AAP - Get Free Report) had its target price raised by equities researchers at TD Cowen from $45.00 to $47.00 in a research note issued on Monday, Benzinga reports. The firm presently has a "hold" rating on the stock. TD Cowen's price objective would indicate a potential upside of 2.20% from the stock's previous close.

A number of other equities research analysts have also recently commented on AAP. Morgan Stanley dropped their price objective on shares of Advance Auto Parts from $65.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Friday, August 21st. The Goldman Sachs Group set a $49.00 target price on shares of Advance Auto Parts in a research note on Friday, August 21st. DA Davidson lowered their price target on shares of Advance Auto Parts from $58.00 to $48.00 and set a "neutral" rating on the stock in a report on Friday, August 21st. Evercore restated a "positive" rating on shares of Advance Auto Parts in a research report on Friday. Finally, Wells Fargo & Company dropped their price target on shares of Advance Auto Parts from $60.00 to $50.00 and set an "equal weight" rating on the stock in a research report on Friday, August 21st. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $47.50.

Advance Auto Parts Stock Performance

Shares of Advance Auto Parts stock traded up $0.49 during trading on Monday, hitting $45.99. 395,320 shares of the company's stock were exchanged, compared to its average volume of 1,854,011. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.80 and a current ratio of 1.63. The business has a 50-day simple moving average of $43.30 and a 200-day simple moving average of $51.73. Advance Auto Parts has a 52-week low of $37.89 and a 52-week high of $65.20. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 28.07, a PEG ratio of 0.87 and a beta of 1.02.

Advance Auto Parts (NYSE:AAP - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.77 by $0.02. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.04 billion. Advance Auto Parts had a net margin of 1.16% and a return on equity of 9.41%. The firm's revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.92 earnings per share. On average, research analysts forecast that Advance Auto Parts will post 2.94 EPS for the current year.

Institutional Investors Weigh In On Advance Auto Parts

Institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc acquired a new stake in shares of Advance Auto Parts in the second quarter valued at approximately $9,699,000. BlackRock Inc. purchased a new position in Advance Auto Parts during the second quarter worth approximately $581,909,000. Fund 1 Investments LLC acquired a new position in Advance Auto Parts during the second quarter worth $12,999,000. PEAK6 LLC acquired a new position in Advance Auto Parts during the second quarter worth $1,817,000. Finally, Solas Capital Management LLC acquired a new position in Advance Auto Parts during the second quarter worth $10,525,000. Institutional investors and hedge funds own 88.70% of the company's stock.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc is a retailer of automotive aftermarket parts, accessories and maintenance products. Its offerings include replacement parts, batteries, tools, fluids and other supplies for a range of vehicles.

The company serves both do-it-yourself customers and professional automotive repair shops through its stores, online channels and network of independent locations. Its retail banners include Advance Auto Parts and Carquest.

Advance Auto Parts traces its roots to 1932, when the business began in Roanoke, Virginia.

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