DA Davidson lowered the firm’s price target on Advance Auto Parts (AAP) to $55 from $63 and keeps a Neutral rating on the shares after its Q3 results. The company has articulated tangible progress on a number of key operational initiatives which are leading to the 80bps of margin improvement from the bottom on a last-12-months basis and the impact of First Brand bankruptcy seems limited, but on the other hand, like others, comps weakened later in Q3 and into Q4, the analyst tells investors in a research note.
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