Goldman Sachs raised the firm’s price target on Advance Auto Parts (AAP) to $54 from $49 and keeps a Sell rating on the shares. Advance Auto Parts shares rose sharply after a stronger-than-expected first quarter driven by improved comparable sales and margins, though skepticism remains around the pace of its turnaround and long-term margin recovery, especially as rivals AutoZone (AZO) and O’Reilly Automotive (ORLY) are still viewed as better positioned to gain market share, the analyst tells investors in a research note.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AAP:
- Zachary Fadem Maintains Hold on Advance Auto Parts as Strong Quarter Spurs Price Target Increase From $50 to $60 but Risk-Reward Remains Balanced
- Advance Auto Parts Signals Margin Rebound in Earnings Call
- Advance Auto Parts: Solid Q1 and Strategic Mix Shift Prompt Price Target Increase to $62, But Valuation Keeps Rating at Hold
- Advance Auto Parts price target raised to $62 from $55 at Truist
- Midday Fly By: Nvidia reports Q1 beat, SpaceX files for IPO