Credit Suisse Raises Price Target on Advance Auto Parts (AAP) Following 2Q
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Credit Suisse reiterated an Outperform rating on Advance Auto Parts (NYSE: AAP), and raised the price target to $171.00 (from $155.00) following the company's 2Q earnings report.
Analyst Seth Sigman commented, "AAP remains one of the most interesting, but challenging stocks in our sector. The stock is expensive on current estimates (which yes, continue to go down), sales seem to be sinking deeper into a hole, and there are reasons to believe that the turnaround won’t work since it simply hasn’t to date. It's difficult to dispute any of that at this point."
Shares of Advance Auto Parts closed at $160.40 yesterday.
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