Wells Fargo Maintains Equal-Weight Rating for Advance Auto Parts: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Wells Fargo has maintained its Equal-Weight rating on Advance Auto Parts (NYSE:AAP) but lowered its price target from $70.00 to $60.00. The stock is currently trading at $56.34, and the new price target suggests a potential upside of 6.49%. Advance Auto Parts operates a large network of aftermarket automotive parts stores and primarily serves commercial clients and DIY shoppers.
November 13, 2023 | 5:00 pm
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Wells Fargo maintains an Equal-Weight rating on Advance Auto Parts and lowers the price target to $60, indicating a potential 6.49% increase from the current price.
The maintenance of an Equal-Weight rating by Wells Fargo suggests that the stock is fairly valued at its current price, but the reduction in the price target could indicate a tempered expectation for the stock's growth potential. However, the new target still implies an upside, which could be seen as a positive signal for investors. The stock's resilience in trading after the announcement shows investor confidence in the company's fundamentals.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100