Advance Auto Parts price target raised to $47 from $45 at DA Davidson

DA Davidson raised the firm’s price target on Advance Auto Parts (AAP) to $47 from $45 and keeps a Neutral rating on the shares after its Q1 results. The stock’s outsized move higher was due to a combination of some early signs of turnaround initiatives working for a company that has been a significant underperformer versus peers year to date and for the last few years, coupled with what had been a rising short interest, the analyst tells investors in a research note. If this turnaround iteration works, and there are some encouraging signs, the stock still has significant upside, the firm added.