Market Overview

UPDATE: JP Morgan Upgrades Advance Auto Parts to Overweight on Positive Comps Outlook

Share:
Related AAP
BlackRock Hikes Apple Stake, Now Likely Tech Giant's No. 2 Shareholder
13 Predictions For The Hardline Industry In 2016

JP Morgan upgraded Advance Auto Parts (NYSE: AAP) from Neutral to Overweight and raised the price target from $85.00 to $90.00.

JP Morgan said, "We are upgrading AAP to Overweight as we believe the combination of a soft landing for the industry, continued DIFM share opportunities, improved fulfillment, the highest exposure to normalized weather vs. easy comparisons, and better execution should lead to a return to positive comps. Additionally, management noted its intent to return to opportunistic buybacks after a hiatus of nearly five quarters. Combined with the potential compounding of EBITDA growth to the buyback via increased leverage, this should all result in accelerated EPS growth throughout 2013."

Advance Auto Parts closed at $77.14 on Thursday.

Latest Ratings for AAP

DateFirmActionFromTo
Feb 2016UBSMaintainsBuy
Nov 2015JefferiesMaintainsHold
Sep 2015JefferiesInitiates Coverage onHold

View More Analyst Ratings for AAP
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Upgrades Analyst Ratings

 

Related Articles (AAP)

View Comments and Join the Discussion!

Get Benzinga's Newsletters