Truist raised the firm’s price target on Advance Auto Parts (AAP) to $51 from $34 and keeps a Hold rating on the shares. Q1 sales were modestly better than expected while the company “only” posted an adjusted EBIT loss of about (8M) compared to the firm’s (49M) estimate, which the analyst sees “providing some credence” to the company’s 2025 outlook. While Q1 was better than expected, the firm is “not sure yet” that its “worth 50% more,” stating that at about $48 per share, investors have to bank on significant incremental improvement through 2025 and into 2026 and 2027. While “intrigued by the progress,” the firm would “prefer to see more than a single (quarter) of better performance to get more constructive,” the analyst tells investors.
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