UPDATE: Piper Jaffray Reduces PT to $73 on Advance Auto Parts on Industry Weakness

Piper Jaffray reiterated its Overweight rating on Advance Auto Parts AAP but lowered its price target from $84 to $73. Piper Jaffray noted, "AAP put out a press release this AM stating that Q3 sales and EPS would be below current expectations. More specifically Q3 comp will likely be -1.8% vs. consensus of -1.2% with EPS of $1.21 vs. consensus of $1.34. AAP also commented that it saw weakness in spending on maintenance and failure parts, and saw continued weakness in cold weather markets (i.e. Northeast and upper Midwest). While weather is likely partially to blame, we are cautious overall on the industry at this point and believe there may be something larger at work." Advance Auto Parts closed at $68.43 on Friday.