Evercore ISI Lowers Advance Auto Parts (NYSE:AAP) Price Target to $70.00

Advance Auto Parts (NYSE:AAP) had its target price cut by investment analysts at Evercore ISI from $73.00 to $70.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “in-line” rating on the stock. Evercore ISI’s target price points to a potential upside of 17.06% from the company’s current price.

Several other equities research analysts have also commented on AAP. Mizuho reduced their price objective on Advance Auto Parts from $78.00 to $64.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Bank of America lifted their price objective on Advance Auto Parts from $51.00 to $55.00 and gave the company an “underperform” rating in a research report on Thursday, May 30th. UBS Group increased their target price on shares of Advance Auto Parts from $68.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Royal Bank of Canada lowered their price target on shares of Advance Auto Parts from $68.00 to $65.00 and set a “sector perform” rating on the stock in a report on Thursday, May 30th. Finally, Truist Financial dropped their price target on shares of Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating for the company in a research report on Thursday, May 30th. Two research analysts have rated the stock with a sell rating and fifteen have assigned a hold rating to the stock. Based on data from MarketBeat, Advance Auto Parts presently has a consensus rating of “Hold” and a consensus price target of $63.80.

Advance Auto Parts Stock Performance

AAP stock opened at $59.80 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.22 and a quick ratio of 0.29. Advance Auto Parts has a 1 year low of $47.73 and a 1 year high of $88.56. The company has a market cap of $3.57 billion, a P/E ratio of 86.67, a price-to-earnings-growth ratio of 1.22 and a beta of 1.20. The stock’s fifty day moving average price is $68.63 and its 200-day moving average price is $69.35.

Advance Auto Parts (NYSE:AAP) last released its quarterly earnings results on Wednesday, May 29th. The company reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). Advance Auto Parts had a net margin of 0.37% and a return on equity of 1.59%. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the prior year, the firm earned $0.72 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities analysts forecast that Advance Auto Parts will post 3.72 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Allworth Financial LP lifted its position in Advance Auto Parts by 190.0% during the fourth quarter. Allworth Financial LP now owns 406 shares of the company’s stock valued at $25,000 after purchasing an additional 266 shares during the last quarter. Principal Securities Inc. bought a new position in shares of Advance Auto Parts in the 4th quarter valued at about $27,000. Hexagon Capital Partners LLC lifted its holdings in shares of Advance Auto Parts by 267.7% in the 1st quarter. Hexagon Capital Partners LLC now owns 353 shares of the company’s stock valued at $30,000 after acquiring an additional 257 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Advance Auto Parts during the first quarter worth approximately $34,000. Finally, Quarry LP raised its position in Advance Auto Parts by 285.7% during the fourth quarter. Quarry LP now owns 702 shares of the company’s stock valued at $43,000 after purchasing an additional 520 shares during the period. 88.75% of the stock is owned by hedge funds and other institutional investors.

About Advance Auto Parts

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.