Barclays Maintains an 'Equalweight' on Advance Auto Parts (AAP); SG&A Leverage Drives Strong Bottom Line

Barclays maintains an 'Equalweight' on Advance Auto Parts (NYSE: AAP) price target raised $5 to $70.

Barclays analyst says, "Raising estimates again following strong quarterly results: We are raising our 4Q EPS estimate from $0.70 to $0.74 (based on 3% comps, up from our prior 2% comp estimate). Additionally, we are raising our full-year 2011 EPS estimate from $4.70 to $5.00 (which continues to be based on 2.2% comps and is ahead of corporate guidance of $4.90 - $4.95). Finally, we are raising our 2012 EPS estimate from $5.20 to $5.70 and our 2013 EPS estimate from $5.90 to $6.40. In our view, results from Advance Auto Parts underscore the ongoing vitality in the auto parts space."

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 $66.37 yesterday.

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