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

DA Davidson analyst Michael Baker lowered the firm’s price target on Advance Auto Parts (AAP) to $63 from $65 and keeps a Neutral rating on the shares after its Q2 results. The company is in the early innings of their three-year turnaround plan and continues to show trends in the right direction, the analyst tells investors in a research note. The firm adds however that there is still hundreds of basis of improvement required to hit the three year bogeys in a plan that implies some acceleration, which “adds some risk”.