Wells Fargo analyst Zachary Fadem raised the firm’s price target on Advance Auto Parts (AAP) to $60 from $50 and keeps an Equal Weight rating on the shares. The firm says the stock deserves to trade up after the company posted its strongest comparable-store sales in five years with notable gross margin and EBIT percentage progress. But the bears still have ammo via slightly wider underperformance vs. O’Reilly Automotive (ORLY), softening quarter-to-date and still negative free cash flow.
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Read More on AAP:
- Advance Auto Parts price target raised to $54 from $49 at Goldman Sachs
- 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
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