Market Overview

UPDATE: Piper Jaffray Reduces PT to $73 on Advance Auto Parts on Industry Weakness

Share:
Related AAP
Barclays On Broadline/Hardline Retail: 'It's About To Get A Lot Harder'
Why Is This Analyst's Chart Of The Week O'Reilly Automotive?

Piper Jaffray reiterated its Overweight rating on Advance Auto Parts (NYSE: AAP) but lowered its price target from $84 to $73.

Piper Jaffray noted, "AAP put out a press release this AM stating that Q3 sales and EPS would be below current expectations. More specifically Q3 comp will likely be -1.8% vs. consensus of -1.2% with EPS of $1.21 vs. consensus of $1.34. AAP also commented that it saw weakness in spending on maintenance and failure parts, and saw continued weakness in cold weather markets (i.e. Northeast and upper Midwest). While weather is likely partially to blame, we are cautious overall on the industry at this point and believe there may be something larger at work."

Advance Auto Parts closed at $68.43 on Friday.

Latest Ratings for AAP

DateFirmActionFromTo
Apr 2016Gabelli & CoInitiates Coverage onHold
Apr 2016Goldman SachsMaintainsNeutral
Mar 2016BarclaysInitiates Coverage onUnderperform

View More Analyst Ratings for AAP
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (AAP)

View Comments and Join the Discussion!