Advance Auto Parts (AAP) PT Lifted to $160 at Jefferies
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Jefferies analyst Bret Jordan raised his price target on Hold-rated Advance Auto Parts (NYSE: AAP) to $160.00 (from $150.00) following solid results.
Jordan commented, "AAP reported a Q3 beat, with comp and adj. EPS of -1.0% and $1.73 vs. our est. (-4.0% and $1.68) and consensus (-3.5% and $1.71). Notably, '17 guide for "positive" comp and EBIT margin vs. '16 was better than feared, while "at least 500 bps" of margin expansion (+MSD comp) by '21 fuels long term optimism. We raise our PT to $160 from $150 given expectation for comp and margin improvement in '17 and emerging visibility into AAP's long term strategic plan."
The firm raised FY 2016 EPS from $7.22 to $7.28.
Shares of Advance Auto Parts closed at $142.90 yesterday.
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