BTIG Cuts Low Ests on Advanced Auto (AAP) Further Following Q2 Report; Affirms at 'Sell'
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BTIG is cutting estimates on Sell-rated Advance Auto Parts (NYSE: AAP) following Q2 results issued earlier Tuesday. The firm reiterates its $120 price target on the stock.
Analyst Alan Rifkin said,
AAP reported 2Q16 EPS of $1.90, $0.24 below our estimate of $2.14. Comp sales declined (4.1)%, slightly ahead of our (4.5)% estimate. AAP maintained its full-year comp sales guidance of (3-5)%, highlighting our view that it will take time for turnaround efforts to take hold. We are lowering our 2016 and 2017 EPS estimates significantly, which were already below-consensus, to $7.55 from $7.80 and $7.90 from $8.00, respectively. Our 2017 estimate is $0.85 below the Street, as we do not believe AAP can achieve the degree of margin expansion the Street is anticipating.
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