UPDATE: Wedbush Initiates Coverage on Advance Auto Parts on Challenging Outlook

In a report published Tuesday, Wedbush analyst Seth Basham initiated coverage on Advance Auto Parts AAP with an Underperform rating and $70.00 price target. In the report, Wedbush noted, “Initiating coverage on AAP with an UNDERPERFORM rating and a $70 price target. AAP is a company in transition. CEO Darren Jackson has transformed the company over the past five years, installing many of the capabilities for growing commercial sales. The company now must harvest the investments and cut costs, while ensuring its core DIY business does not suffer further. That is a challenging proposition, particularly in an industry environment that we see becoming less favorable, as we detail in our industry initiation report, Glory Days No More.” Advance Auto Parts closed on Monday at $83.61.