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In a report published Monday, Morgan Stanley analyst Simeon Gutman reiterated an Overweight rating and $170.00 price target on
Advance Auto PartsAAP.
In the report, Morgan Stanley noted, "Not expecting upside to Q4 comps. ORLY's strong 6.3% comps may have increased expectations for AAP's Q4 comp. However, our correlation work still points to a comp around 0.5%. Prior to ORLY, market expectations ranged somewhere between 0.5%-1.0% for Q4 and a comp in that neighborhood would likely be viewed as good enough. Given AAP's 3.5% ascent since ORLY's Q4 results last week, the comp bar for AAP is now probably closer to 1%."
Advance Auto Parts closed on Friday at $162.00.
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