Advance Auto Parts Receives Price Target Reduction from Goldman Sachs

Jul 06, 2023

Advance Auto Parts (NYSE:AAP) had its price objective reduced by The Goldman Sachs Group from $90.00 to $83.00, according to a report released on Wednesday. The stock has received mixed ratings from analysts, with JPMorgan Chase & Co. downgrading the company to neutral and Morgan Stanley lowering their target price. The stock currently has a consensus rating of Hold and an average price target of $96.16.

Shares of Advance Auto Parts opened at $69.44 on Wednesday, with a 50-day moving average price of $70.24 and a 200-day moving average price of $103.02. The company has a market capitalization of $4.13 billion, a PE ratio of 10.32, and a beta of 1.08.

The company recently released its quarterly earnings data, reporting earnings per share of $1.43 for the quarter, missing analysts’ consensus estimates of $1.66. Its revenue for the quarter was $2.69 billion, slightly above the consensus estimate of $2.66 billion. The company had a net margin of 3.61% and a return on equity of 22.67%. Analysts expect that Advance Auto Parts will post 5.98 EPS for the current fiscal year.

Advance Auto Parts also announced a quarterly dividend, with a dividend yield of 1.44%. Insiders in the company have been buying up shares, with Director Carla Jean Bailo and Director Douglas A. Pertz both making recent purchases.

The company provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. It offers a wide range of products including battery accessories, brakes and brake pads, exhaust systems, and ignition components.

Several hedge funds and institutional investors have made changes to their positions in the stock, including Charles Schwab Investment Management and State Street Corp.

Sources:– FlyOnTheWall– MarketBeat.com– SEC filing– Bloomberg