UPDATE: Nomura Reiterates on Advance Auto Parts as Company Ends 2013 on Strong Note
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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.