Nomura Securities Maintains a 'Reduce' on Advance Auto Parts (AAP); Adjusting Estimates
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Price: $56.72 +0.30%
Rating Summary:
9 Buy, 30 Hold, 5 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 1 | Down: 4 | New: 5
Rating Summary:
9 Buy, 30 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 1 | Down: 4 | New: 5
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Nomura Securities maintains a 'Reduce' on Advance Auto Parts (NYSE: AAP) price target of $54.00.
Nomura analyst, Aram Rubinson, said, "AAP reported Q3 results well ahead of both the Street ($1.17) and our projection ($1.04); we are updating our model to reflect the outperformance, but remain cautious on the shares. We are now modeling SG&A/foot growth of -3% for the fourth quarter and -1.9% for F2011, as incentive compensation becomes a tailwind in 4Q/11. We are raising our SG&A/foot growth rate for 2012 since AAP appears to be capturing more of the savings up front. AAP will file its 10Q within the next two weeks, at which point we will revisit our model. For now, we raise our 2011 estimate to $5.00 (from $4.47) and maintain our $4.77 for 2012."
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 $69.51 yesterday.
Nomura analyst, Aram Rubinson, said, "AAP reported Q3 results well ahead of both the Street ($1.17) and our projection ($1.04); we are updating our model to reflect the outperformance, but remain cautious on the shares. We are now modeling SG&A/foot growth of -3% for the fourth quarter and -1.9% for F2011, as incentive compensation becomes a tailwind in 4Q/11. We are raising our SG&A/foot growth rate for 2012 since AAP appears to be capturing more of the savings up front. AAP will file its 10Q within the next two weeks, at which point we will revisit our model. For now, we raise our 2011 estimate to $5.00 (from $4.47) and maintain our $4.77 for 2012."
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 $69.51 yesterday.
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