Advance Auto Parts price target lowered to $59 from $64 at JPMorgan

JPMorgan analyst Christopher Horvers lowered the firm’s price target on Advance Auto Parts (AAP) to $59 from $64 and keeps a Neutral rating on the shares. The firm adjusted targets in retailing group as part of a Q1 earnings preview. Tax stimulus more than offset the headwind from energy prices in the quarter, the analyst tells investors in a research note. However, JPMorgan expects very little guidance revisions considering the largest seasons, back to school and holiday, are ahead in a “high uncertainty” backdrop.