Advance Auto Parts price target raised to $48 from $43 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Advance Auto Parts (AAP) to $48 from $43 and keeps a Neutral rating on the shares. The company reported better-than-expected Q1 results with a beat on both the top and bottom line, and the firm believes that the stronger performance during the quarter indicates that the management’s turnaround efforts are beginning to take hold, the analyst tells investors in a research note. Auto part retail remains a very solid industry with potentially better emerging trends, especially in pricing, given the defensive nature of the business, the firm added.