UPDATE: RBC Capital Starts Advance Auto Parts (AAP) at Sector Perform

(Updated - January 27, 2022 4:14 PM EST)

RBC Capital analyst Steven Shemesh initiates coverage on Advance Auto Parts (NYSE: AAP) with a Sector Perform rating and a price target of $239.00.

The analyst comments "Barring any material changes to the U.S. auto part landscape, we believe AAP's margin progress will be the primary driver of share performance over the next 12 months. While we think it's clear that margin upside exists, we suspect over-delivery (relative to cons.) may be difficult in the current cost environment. We are initiating on AAP with a Sector Perform rating and $239 price target based on a 16x multiple applied to our FY'23 EPS estimate of $14.95."

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 $225.12 yesterday.

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