Wolfe Research initiated coverage of Advance Auto Parts (AAP) with a Peer Perform rating. While the firm agrees with Shane O’Kelly’s strategic decisions to divest Worldpac, exit West Coast markets, and restructure the balance sheet, it is still too early to call the turn here, the analyst tells investors in a research note. The firm added that with such a wide performance gap vs rivals, the skew to the upside is significant with a clear playbook.
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