Truist Financial Lowers Advance Auto Parts (NYSE:AAP) Price Target to $238.00

Advance Auto Parts (NYSE:AAPGet Rating) had its price objective cut by Truist Financial from $276.00 to $238.00 in a research note published on Wednesday, The Fly reports. They currently have a buy rating on the stock.

A number of other analysts have also recently issued reports on AAP. Morgan Stanley lowered their price objective on Advance Auto Parts from $240.00 to $225.00 and set an equal weight rating on the stock in a research report on Tuesday, May 24th. Wedbush lowered their price target on Advance Auto Parts from $270.00 to $215.00 and set an outperform rating on the stock in a research report on Tuesday, May 24th. Royal Bank of Canada lowered their price target on Advance Auto Parts from $247.00 to $217.00 in a research report on Wednesday. Evercore ISI initiated coverage on Advance Auto Parts in a research report on Tuesday, February 15th. They issued a buy rating and a $275.00 price target on the stock. Finally, Stephens lowered their price target on Advance Auto Parts from $246.00 to $215.00 and set an equal weight rating on the stock in a research report on Wednesday. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus target price of $243.11.

AAP opened at $193.05 on Wednesday. The stock has a market cap of $11.79 billion, a PE ratio of 20.26, a P/E/G ratio of 1.12 and a beta of 1.22. The company has a current ratio of 1.21, a quick ratio of 0.31 and a debt-to-equity ratio of 0.33. Advance Auto Parts has a 1 year low of $172.86 and a 1 year high of $244.55. The stock’s 50 day simple moving average is $209.22 and its 200-day simple moving average is $220.21.

Advance Auto Parts (NYSE:AAPGet Rating) last released its quarterly earnings data on Monday, May 23rd. The company reported $3.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.02). The firm had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.39 billion. Advance Auto Parts had a net margin of 5.60% and a return on equity of 23.63%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.34 earnings per share. Equities analysts forecast that Advance Auto Parts will post 13.75 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of AAP. Central Bank & Trust Co. acquired a new position in shares of Advance Auto Parts during the first quarter valued at $29,000. Life Planning Partners Inc acquired a new position in shares of Advance Auto Parts during the fourth quarter valued at $30,000. Covestor Ltd lifted its stake in shares of Advance Auto Parts by 113.7% during the first quarter. Covestor Ltd now owns 156 shares of the company’s stock valued at $32,000 after acquiring an additional 83 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Advance Auto Parts during the first quarter valued at $35,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Advance Auto Parts during the first quarter valued at $41,000. 98.99% of the stock is currently owned by institutional investors and hedge funds.

About Advance Auto Parts (Get Rating)

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.

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