CarParts.com price target lowered to $2 from $3 at Lake Street

Lake Street lowered the firm’s price target on CarParts.com to $2 from $3 and keeps a Buy rating on the shares after the company reported Q2 results that were below expectations as the company has been unfavorably impacted as customers have traded down to lower-quality products or deferred spending on certain auto repairs. The firm believes shares will potentially be range-bound in the near term, but is maintaining a Buy rating as it believes in the CarParts offering and think there is opportunity in the auto parts space over the long-term.