UPDATE: Oppenheimer Holdings Reiterates Perform Rating, Lowers PT on Advance Auto Parts

In a report published Monday, Oppenheimer Holdings reiterated its Perform rating on Advance Auto Parts

, but lowered its price target from $73.00 to $67.00. Oppenheimer noted, “This morning AAP pre-announced Q3 (Oct.) results well below expectations. The company now expects EPS of about $1.21 vs. a consensus figure of $1.35. Sluggish sales (comps of -1.8%), increased promotions and higher spending all contributed to the EPS shortfall. We believe the weaker performance reflects shortcomings at AAP and the counter cyclical nature of the business. Spending on aftermarket auto parts retail is apt to slow as new car sales accelerate. We expect sluggish trends at AAP to continue for a while. We are trimming our price target on AAP shares to $67 from $73 previously. Our rating on AAP shares is Perform.” Advance Auto Parts closed on Friday at $68.43.