Advance Auto Parts price target lowered to $63 from $65 at DA Davidson

DA Davidson lowered the firm’s price target on Advance Auto Parts (AAP) to $63 from $65 and keeps a Neutral rating on the shares following quarterly results. The company is in the early innings of their three-year turnaround plan, while it continues to show trends in the right direction, there are still hundreds of basis of improvement required to hit the three-year bogeys in a plan that implies some acceleration – which adds some risk, the firm says.