Zacks Investment Research Upgrades Advance Auto Parts (AAP) to Buy

Advance Auto Parts (NYSE:AAP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $130.00 price objective on the stock. Zacks Investment Research‘s target price indicates a potential upside of 12.70% from the stock’s previous close.

According to Zacks, “The Zacks Consensus Estimate for Advance Auto Parts’ quarterly earnings has been going up of late. The company is focusing on store expansions in order to enhance its profit. Additionally, it is also working towards the improvement of its comparable store sales and margins in the long-term. The company’s five-year strategy to a productivity pipeline will lead to the elimination of unnecessary costs. Also in the last three months, Advance Auto Parts’ shares have outperformed the industry it belongs.”

Several other equities research analysts have also recently weighed in on the company. Jefferies Group decreased their price target on Advance Auto Parts from $130.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, November 15th. Morgan Stanley set a $120.00 price target on Advance Auto Parts and gave the company a “buy” rating in a research report on Tuesday, December 12th. Oppenheimer reiterated a “hold” rating on shares of Advance Auto Parts in a research report on Tuesday, November 14th. Raymond James Financial reiterated a “market perform” rating on shares of Advance Auto Parts in a research report on Wednesday, October 4th. Finally, Citigroup cut Advance Auto Parts from a “strong-buy” rating to a “market perform” rating in a research report on Wednesday, October 4th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the stock. Advance Auto Parts currently has a consensus rating of “Hold” and a consensus target price of $107.91.

Shares of Advance Auto Parts (NYSE:AAP) opened at $115.35 on Tuesday. Advance Auto Parts has a 52 week low of $78.81 and a 52 week high of $174.82. The stock has a market capitalization of $8,416.99, a PE ratio of 24.18, a P/E/G ratio of 1.92 and a beta of 1.00. The company has a quick ratio of 0.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.32.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings data on Tuesday, November 14th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.18. Advance Auto Parts had a return on equity of 13.51% and a net margin of 3.75%. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.21 billion. During the same period in the previous year, the business posted $1.73 EPS. The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. equities analysts anticipate that Advance Auto Parts will post 5.24 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Schwab Charles Investment Management Inc. grew its holdings in shares of Advance Auto Parts by 4.0% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 366,775 shares of the company’s stock worth $36,564,000 after purchasing an additional 14,270 shares in the last quarter. Creative Planning purchased a new position in shares of Advance Auto Parts during the fourth quarter worth about $308,000. Bank of Montreal Can grew its holdings in shares of Advance Auto Parts by 16.3% during the fourth quarter. Bank of Montreal Can now owns 65,089 shares of the company’s stock worth $6,489,000 after purchasing an additional 9,136 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Advance Auto Parts by 12.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 20,164 shares of the company’s stock worth $2,010,000 after purchasing an additional 2,300 shares in the last quarter. Finally, QUANTRES ASSET MANAGEMENT Ltd purchased a new position in shares of Advance Auto Parts during the fourth quarter worth about $857,000.

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About Advance Auto Parts

Advance Auto Parts, Inc provides automotive aftermarket parts in North America, serving do-it-for-me (Professional) and do-it-yourself (DIY), customers. The Company’s stores and branches offer a selection of brand name, original equipment manufacturer (OEM) and private label automotive replacement parts, accessories, batteries and maintenance items for domestic and imported cars, vans, sport utility vehicles and light and heavy duty trucks.

Analyst Recommendations for Advance Auto Parts (NYSE:AAP)

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