Morgan Joseph Reiterates a 'Buy' on Advance Auto Parts (AAP); 1Q11 Preview: Expecting Solid Start to 2011

Morgan Joseph reiterates a 'Buy' on Advance Auto Parts (NYSE: AAP), PT $76.

Morgan analyst says, "We are Projecting 1Q11 EPS Growth of 21% Y/Y in AAP's Seasonally Strongest Period. Our EPS estimate is $1.44, versus $1.19 last year. Consensus EPS is $1.38, with a range of $1.18 to $1.52, in what is typically the company's strongest quarter. We think potential upside to consensus could result from the share repurchases in which Advance continues to engage at opportune times...We expect 1Q11 sales to advance roughly 6% y/y to $1.93bn, versus $1.83bn in 1Q10 and the Street's $1.92bn (High $1.95bn - Low $1.87bn)."

For more ratings news on Advance Auto Parts click here and for the rating history of Advance Auto Parts click here.

Shares of Advance Auto Parts closed at $69.41 yesterday.

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