Market Overview

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

Share:
Related AAP
Analysts Call Advance Auto CEO 'The Right Executive For The Job'
Top Performing Industries For June 9, 2016

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
Jun 2016BTIG ResearchInitiates Coverage onSell
May 2016Morgan StanleyMaintainsOverweight
May 2016CitigroupMaintainsNeutral

View More Analyst Ratings for AAP
View the Latest Analyst Ratings

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

 

Related Articles (AAP)

View Comments and Join the Discussion!