Morgan Stanley Raises Advance Auto Parts (AAP) Price Target to $170.00

Advance Auto Parts (NYSE:AAP) had its price objective raised by research analysts at Morgan Stanley from $140.00 to $170.00 in a research note issued on Wednesday. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 6.59% from the stock’s current price.

Several other research firms have also recently issued reports on AAP. ValuEngine upgraded shares of Advance Auto Parts from a “hold” rating to a “buy” rating in a research note on Thursday, July 5th. Bank of America increased their target price on shares of Advance Auto Parts from $86.00 to $103.00 and gave the stock an “underperform” rating in a research note on Wednesday, June 27th. Wedbush set a $175.00 target price on shares of Advance Auto Parts and gave the stock a “buy” rating in a research note on Wednesday. Zacks Investment Research cut shares of Advance Auto Parts from a “buy” rating to a “hold” rating in a research note on Monday, August 6th. Finally, Stephens reiterated a “hold” rating and issued a $130.00 target price on shares of Advance Auto Parts in a research note on Friday, July 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $143.11.

NYSE AAP opened at $159.49 on Wednesday. Advance Auto Parts has a 1 year low of $78.81 and a 1 year high of $160.63. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.40 and a current ratio of 1.61. The company has a market capitalization of $10.83 billion, a price-to-earnings ratio of 29.70, a PEG ratio of 1.96 and a beta of 1.12.

Advance Auto Parts (NYSE:AAP) last posted its earnings results on Tuesday, August 14th. The company reported $1.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.86 by $0.11. Advance Auto Parts had a net margin of 5.39% and a return on equity of 13.09%. The business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the prior year, the company posted $1.48 EPS. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. research analysts forecast that Advance Auto Parts will post 6.8 EPS for the current fiscal year.

Advance Auto Parts declared that its Board of Directors has approved a share buyback program on Tuesday, August 14th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Several large investors have recently modified their holdings of AAP. Wells Fargo & Company MN grew its holdings in shares of Advance Auto Parts by 6.1% during the 1st quarter. Wells Fargo & Company MN now owns 974,351 shares of the company’s stock valued at $115,509,000 after purchasing an additional 55,851 shares during the last quarter. Intrinsic Edge Capital Management LLC bought a new position in shares of Advance Auto Parts during the 1st quarter valued at $1,186,000. Commerzbank Aktiengesellschaft FI bought a new position in shares of Advance Auto Parts during the 1st quarter valued at $377,000. Wedbush Securities Inc. bought a new position in shares of Advance Auto Parts during the 1st quarter valued at $493,000. Finally, Greenleaf Trust grew its holdings in shares of Advance Auto Parts by 6.4% during the 1st quarter. Greenleaf Trust now owns 27,101 shares of the company’s stock valued at $3,213,000 after purchasing an additional 1,630 shares during the last quarter.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc provides automotive replacement parts, batteries, accessories, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It 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.

Featured Article: Trading Strategy Examples and Plans

Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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.

Leave a Reply