Credit Suisse Group Reiterates Outperform Rating for Advance Auto Parts Inc (NYSE:AAP)

Original Post Source

Advance Auto Parts Inc (NYSE:AAP)‘s stock had its “outperform” rating reiterated by equities researchers at Credit Suisse Group in a report issued on Monday, July 17th. They currently have a $135.00 target price on the stock, down from their previous target price of $150.00. Credit Suisse Group’s price objective points to a potential upside of 25.77% from the stock’s previous close.

AAP has been the subject of a number of other research reports. Zacks Investment Research downgraded Advance Auto Parts from a “hold” rating to a “sell” rating in a research report on Tuesday, April 25th. BTIG Research reiterated a “sell” rating and issued a $120.00 price objective on shares of Advance Auto Parts in a research report on Tuesday, March 28th. Wedbush reiterated an “outperform” rating on shares of Advance Auto Parts in a research report on Thursday, July 6th. Gabelli upgraded Advance Auto Parts from a “hold” rating to a “buy” rating in a research report on Thursday, April 20th. Finally, Barclays PLC boosted their price objective on Advance Auto Parts from $93.00 to $120.00 and gave the company an “underweight” rating in a research report on Thursday, July 6th. Five analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Advance Auto Parts has an average rating of “Hold” and an average price target of $149.06.

Shares of Advance Auto Parts (NYSE AAP) opened at 107.34 on Monday. The firm has a 50-day moving average of $108.57 and a 200-day moving average of $137.82. Advance Auto Parts has a one year low of $99.13 and a one year high of $177.83. The company has a market capitalization of $7.92 billion, a P/E ratio of 19.45 and a beta of 0.87.

Advance Auto Parts (NYSE:AAP) last released its earnings results on Wednesday, May 24th. The company reported $1.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.20 by $0.60. The firm had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.94 billion. Advance Auto Parts had a return on equity of 16.02% and a net margin of 4.31%. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.51 EPS. Equities research analysts expect that Advance Auto Parts will post $6.37 EPS for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Credit Suisse Group Reiterates Outperform Rating for Advance Auto Parts Inc (NYSE:AAP)” was first reported by Stock Observer and is the property of of Stock Observer. If you are viewing this report on another website, it was illegally stolen and reposted in violation of U.S. and international copyright & trademark law. The legal version of this report can be accessed at https://www.thestockobserver.com/2017/08/13/advance-auto-parts-nyseaap-outperform-rating-reaffirmed-at-credit-suisse-group-updated-updated-updated.html.

In related news, insider Thomas Greco purchased 16,000 shares of Advance Auto Parts stock in a transaction on Friday, May 26th. The stock was acquired at an average price of $134.63 per share, for a total transaction of $2,154,080.00. Following the completion of the transaction, the insider now directly owns 111,030 shares in the company, valued at approximately $14,947,968.90. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Adriana Karaboutis purchased 367 shares of Advance Auto Parts stock in a transaction on Friday, June 2nd. The stock was bought at an average price of $135.28 per share, with a total value of $49,647.76. Following the transaction, the director now owns 3,043 shares of the company’s stock, valued at $411,657.04. The disclosure for this purchase can be found here. In the last three months, insiders acquired 369,462 shares of company stock worth $49,617,073. 4.50% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of AAP. Veritable L.P. boosted its stake in shares of Advance Auto Parts by 0.3% in the second quarter. Veritable L.P. now owns 2,008 shares of the company’s stock worth $234,000 after buying an additional 6 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Advance Auto Parts by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 368,826 shares of the company’s stock worth $43,000,000 after buying an additional 11,016 shares during the last quarter. Virtu KCG Holdings LLC boosted its stake in shares of Advance Auto Parts by 382.4% in the second quarter. Virtu KCG Holdings LLC now owns 16,343 shares of the company’s stock worth $1,905,000 after buying an additional 12,955 shares during the last quarter. Zuckerman Investment Group LLC boosted its stake in shares of Advance Auto Parts by 5.5% in the second quarter. Zuckerman Investment Group LLC now owns 115,594 shares of the company’s stock worth $13,477,000 after buying an additional 5,993 shares during the last quarter. Finally, Cibc World Markets Corp boosted its stake in shares of Advance Auto Parts by 35.4% in the second quarter. Cibc World Markets Corp now owns 10,435 shares of the company’s stock worth $1,217,000 after buying an additional 2,726 shares during the last quarter.

Advance Auto Parts Company Profile

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)

Receive News & Ratings for Advance Auto Parts Inc Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Advance Auto Parts Inc and related companies with MarketBeat.com’s FREE daily email newsletter.

Leave a Reply

Your email address will not be published. Required fields are marked *