Truist analyst Scot Ciccarelli raised the firm’s price target on Advance Auto Parts (AAP) to $62 from $55 and keeps a Hold rating on the shares. The company posted a Q1 beat with sales and margin upside as it continues to benefit from same-SKU inflation and a boost from tax refunds, the analyst tells investors in a research note. Shares are up about 20% after earnings, but a lot of positives are priced in and the firm needs to see sustained improvement to get comfortable with a higher valuation, Truist added.
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