Barclays Raises Price Target and Estimates on Advance Auto Parts (AAP); Strong EPS Growth; SG&A Leverage Exceeds

Barclays maintains an 'Equalweight' on Advance Auto Parts (NYSE: AAP) price target boosted from $70 to $90.

Analyst, Alan M. Rifkin, said, "AAP reported 4Q EPS of $0.90, above our $0.74 estimate (58.1% increase over last year)...We are raising our 2012 EPS estimate from $5.70 to $5.80, based on 2% comps, and our 2013 EPS estimate from $6.40 to $6.65, based on 3% comps. Additionally, we are introducing our 2014 EPS estimate of $7.60, based on 3% comps."

For an analyst ratings summary and ratings history on Advance Auto Parts click here. For more ratings news on Advance Auto Parts click here.

Shares of Advance Auto Parts closed at $85.90 yesterday, with a 52 week range of $49.50-$86.30.

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