Advance Auto Parts price target raised to $53 from $51 at Truist

Truist analyst Scot Ciccarelli raised the firm’s price target on Advance Auto Parts (AAP) to $53 from $51 and keeps a Hold rating on the shares. The company’s Q2 results were in-line with upwardly reset expectations following Q1 as Comps grew 10bps, driven by Pro, while DIY remained negative, the analyst tells investors in a research note. The new management team has stabilized the business and should be able to generate higher margins over time, but there is significant risk to their expectation for 400-500bps of gross margin expansion over the next 10 quarters, the firm added.