Evercore ISI Forecasts Strong Price Appreciation for Advance Auto Parts (NYSE:AAP) Stock

Advance Auto Parts (NYSE:AAP) had its price target raised by analysts at Evercore ISI from $45.00 to $60.00 in a research report issued on Wednesday, MarketBeat.com reports. The brokerage presently has a “hold” rating on the stock. Evercore ISI’s price objective indicates a potential upside of 55.24% from the company’s previous close.

Several other brokerages have also recently weighed in on AAP. Wells Fargo & Company reduced their price objective on Advance Auto Parts from $50.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Friday, September 13th. Wedbush restated an “outperform” rating and set a $55.00 price objective on shares of Advance Auto Parts in a report on Friday, November 15th. Mizuho reissued a “neutral” rating and set a $38.00 price objective (down from $45.00) on shares of Advance Auto Parts in a report on Thursday, September 12th. UBS Group increased their price target on shares of Advance Auto Parts from $42.00 to $44.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Finally, DA Davidson reissued a “neutral” rating and issued a $45.00 price objective on shares of Advance Auto Parts in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $48.64.

Advance Auto Parts Price Performance

Shares of Advance Auto Parts stock opened at $38.65 on Wednesday. The stock’s 50-day simple moving average is $39.05 and its 200-day simple moving average is $53.49. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 52.78 and a beta of 1.17. Advance Auto Parts has a 52 week low of $35.59 and a 52 week high of $88.56. The company has a quick ratio of 0.62, a current ratio of 1.34 and a debt-to-equity ratio of 0.69.

Advance Auto Parts (NYSE:AAP) last announced its quarterly earnings results on Thursday, November 14th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.49 by ($0.53). The company had revenue of $2.15 billion during the quarter, compared to analysts’ expectations of $2.62 billion. Advance Auto Parts had a return on equity of 1.82% and a net margin of 0.41%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.82) EPS. As a group, analysts expect that Advance Auto Parts will post -0.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new stake in Advance Auto Parts in the 1st quarter worth $34,000. Mather Group LLC. raised its position in shares of Advance Auto Parts by 1,241.7% during the 2nd quarter. Mather Group LLC. now owns 644 shares of the company’s stock worth $41,000 after purchasing an additional 596 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in Advance Auto Parts in the 2nd quarter valued at about $41,000. Blue Trust Inc. boosted its holdings in Advance Auto Parts by 56.7% in the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the company’s stock worth $47,000 after buying an additional 436 shares during the last quarter. Finally, AM Squared Ltd acquired a new stake in shares of Advance Auto Parts in the second quarter worth approximately $63,000. Hedge funds and other institutional investors own 88.75% of the company’s stock.

Advance Auto Parts Company Profile

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.