These Analysts Slash Their Forecasts On Advance Auto Parts After Q3 Results

Advance Auto Parts Inc. AAP posted a loss for the third quarter on Wednesday.

Advance Auto Parts reported third-quarter FY23 sales growth of 2.9% year-on-year to $2.719 billion, beating the analyst consensus of $2.68 billion. The company reported an EPS loss of 82 cents.

The company lowered the FY23 EPS outlook to $1.40-$1.80 versus the $4.65 estimate (Prior View: $4.50-$5.10). The company revised the FY23 revenue outlook to $11.250 billion-$11.300 billion versus the $11.27 billion estimate (Prior View: $11.25 billion - $11.35 billion ).

Advance Auto Parts shares fell 7.3% to trade at $51.59 on Thursday.

These analysts made changes to their price targets on Advance Auto Parts following earnings announcement.

• B of A Securities cut the price target on Advance Auto Parts from $60 to $43. B of A Securities analyst Elizabeth Suzuki downgraded the stock from Neutral to Underperform.
• Goldman Sachs slashed the price target on Advance Auto Parts from $83 to $73. Goldman Sachs analyst Kate McShane maintained a Neutral rating.
• Wedbush lowered the price target on Advance Auto Parts from $80 to $60. Wedbush analyst Seth Basham maintained a Neutral rating.
• JP Morgan lowered the price target on Advance Auto Parts from $78 to $55. JP Morgan analyst Christopher Horvers maintained a Neutral rating.

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