Bank Of America Raises Price Targets On 3 Auto Part Retailers

On Wednesday, analysts at Bank of America raised the price targets on three auto part retailers.

Advance Auto Parts, Inc. AAP raised price target from $165 to $171, maintained Buy rating.

O’Reilly Automotive Inc ORLY raised price target from $181 to $203, maintained Buy rating.

AutoZone, Inc. AZO raised price target from $561 to $620, maintained Neutral rating.

Denise Chai stated, "We are raising our POs and 2015/16 estimates for AZO and ORLY as we believe the combination of several positive macro factors including a significant fall in gas prices, encouraging miles driven data and weather will support comp growth and multiple expansion."

"While we are not raising our AAP estimates as we believe they adequately reflect the aforementioned factors, we are slightly increasing our PO to $171."