Advance Auto Parts (AAP) Remains 'Sell' Rated at BTIG Amid Key Exec Appointment
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BTIG affirms its Sell rating and $120 price target on Advance Auto Parts, Inc. (NYSE: AAP) after the company appointed Thomas (Tom) Okray as Executive Vice President, Chief Financial Officer, effective October 31, 2016.
The firm commented,
Mr. Okray’s prior automotive experience is likely to be viewed as a positive by investors considering CEO Thomas Greco had come from Pepsico (PEP, Not Rated) and had no prior experience in auto parts.
We are mindful though that after-market auto parts has a different supply chain than automobile manufacturing and it remains to be seen how easily Mr. Okray can make that transition. We look forward to meeting Mr. Okray in person to get a better understanding of his plans for Advance Auto. We maintain our Sell rating on AAP shares given Advance’s continued market share losses, ongoing difficulty integrating Carquest and Street expectations that remain too high, in our view.
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