UPDATE: Advance Auto Parts (AAP) Misses Q3 EPS by 14c; Trims FY15 EPS Outlook; Appoints Interim CEO
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UBS Cuts Price Target on Advance Auto Parts (AAP) Following Disappointing 3Q
November 13, 2015 9:22 AM ESTUBS maintained a Buy rating on Advance Auto Parts (NYSE: AAP), and cut the price target to $190.00 (from $200.00), following the company's 3Q earnings report. AAP's sales missed expectations with a 0.5% comp. This was -740 bps below ORLY's 3Q SSS & represented a widening of the spread that averaged -630 bps in the first 2 Q's of the year.... More
Sterne Agee CRT Downgrades Advance Auto Parts (AAP) to Neutral
November 13, 2015 7:19 AM ESTSterne Agee CRT downgraded Advance Auto Parts (NYSE: AAP) from Buy to Neutral, saying integration headwinds will persist driving more share losses and 12% EBIT margins in 2016 unlikely.
Analyst Ali Faghri commented, "We are downgrading AAP from Buy to Neutral. 3Q15 results demonstrated that... More
Advance Auto Parts (AAP) Adds Starboard's Jeff Smith as Director
November 12, 2015 6:48 AM ESTAdvance Auto Parts (NYSE: AAP) announced that it has entered into an agreement with Starboard Value LP and its affiliates (Starboard), which has an ownership stake of approximately 3.7 percent of Advance Auto Parts shares, regarding the membership and composition of the Advance Auto Parts Board of Directors.
Under the terms of the agreement, Jeffrey C. Smith, Starboards CEO and Chief Investment Officer, has been appointed to the Advance Auto Parts Board, effective immediately, and the size of the Board has been expanded from 12 to 13 members. Mr. Smith will serve as chair of the Nominating and... More
