Advance Auto Parts price target raised to $40 from $34 at BofA

BofA raised the firm’s price target on Advance Auto Parts (AAP) to $40 from $34 and keeps an Underperform rating on the shares after the company reported Q3 results. Advance Auto Parts saw moderation in both Pro and DIY into Q4, and the firm remains cautious as low-to-mid end consumers may be deferring their spend in an inflationary environment, the analyst tells investors in a research note. The firm sees progress in strategic initiatives, including market hubs, new assortment framework, and new store operating model.