Advance Auto Parts downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Advance Auto Parts (AAP) to Sell from Neutral with a price target of $46, down from $48, which implies 11% downside from current levels. Advance Auto is likely to underperform peers in the near term, the analyst tells investors in a research note. The firm says recent visitation data from Placer.ai and survey responses from HundredX that suggests the company could be losing share. Goldman also takes a more cautious view regarding Advance Auto’s margin recovery story, and notes the stock’s current multiple “appears extended relative to history.”