UPDATE: Deutsche Bank Reduces PT to $70 on Advance Auto Parts on Pre-Announcement

Deutsche Bank reiterated its Hold rating on Advance Auto Part AAP and reduced its price target from $74 to $70. Deutsche Bank commented, "Sales were slightly below plan at $1.46b and comps down 1.8% versus consensus of $1.47b and down 1.3%. DB was at $1.47b and down 1.2%. EPS will be $1.21 versus consensus at $1.35 and DB at $1.38. Full year is now planned at $5.05-$5.15 versus consensus at $5.33 and DB at $5.36. Previous guidance was $5.25-$5.35. The $0.20 reduction in guidance compares to a $0.17 miss versus expectations this quarter, implying a slight reduction to the 4Q12 outlook. Sales trends are expected to remain challenging." Advance Auto Parts closed at $68.43 on Friday.