Advance Auto Parts (AAP) PT Lowered to $225 at Morgan Stanley on Deteriorating Outlook for Q2-Q4
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Morgan Stanley analyst Simeon Gutman lowered the price target on Advance Auto Parts (NYSE: AAP) to $225.00 (from $240.00) while maintaining a Equalweight rating.
The analyst stated "The stock is pricing in a lot of negativity, and the downside risks don't feel substantial in our view. However, an in-line but mixed Q1 increases the likelihood of AAP potentially falling short of its '22 outlook. This could leave the market questioning whether or not the business can hit the midpoint of its L-T targets (which were planned to be hit in '23). That said, it’s still early in the year and estimates should be mostly unchanged post Q1, which isn't a bad outcome in a tough Q1 earnings season for Retail."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesMorgan Stanley, Earnings
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