Market Overview

UPDATE: Nomura Reiterates on Advance Auto Parts as Company Ends 2013 on Strong Note

Share:
Related AAP
A Used-Car Portfolio To Profit From A Sluggish Economy
Top Performing Industries For August 13, 2015
General Motors' Flint Plant Produces 1 Millionth 1.4L Engine (Zacks)

In a report published Friday, Nomura analyst Edgar Roesch reiterated a Neutral rating on Advance Auto Parts (NYSE: AAP), and raised the price target from $115.00 to $120.00.

In the report, Nomura noted, “Auto part retailers appear to have ended 2013 on a strong note. Comps accelerated by 80bps to reach 5.4% for ORLY while AAP stemmed declines of nearly 2% during the first nine months to post a 0.1% gain for Q4. The strong exit rate from 2013 is an auspicious start to this year and might imply that the weather effect is real and could continue for several quarters. While the full demand implications are unclear, we believe the trends that supported ORLY and AAP's acceleration have carried over to Buy-rated AZO.”

Advance Auto Parts closed on Thursday at $124.86.

Latest Ratings for AAP

DateFirmActionFromTo
Aug 2015Evercore PartnersDowngradesBuyHold
Jun 2015Stern Agee CRT
Feb 2015JP MorganMaintainsOverweight

View More Analyst Ratings for AAP
View the Latest Analyst Ratings

Posted-In: Edgar Roesch NomuraAnalyst Color Price Target Analyst Ratings

 

Related Articles (AAP)

Get Benzinga's Newsletters