B of A Securities Downgrades Advance Auto Parts to Underperform, Lowers Price Target to $43
Portfolio Pulse from Benzinga Newsdesk
B of A Securities analyst Elizabeth Suzuki downgraded Advance Auto Parts (NYSE:AAP) from Neutral to Underperform and reduced the price target from $60 to $43, indicating a bearish outlook on the stock.
November 16, 2023 | 10:03 am
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Advance Auto Parts was downgraded by B of A Securities from Neutral to Underperform, with a significant reduction in price target from $60 to $43, suggesting a negative performance expectation.
Analyst downgrades typically lead to a negative short-term reaction in the stock market as they suggest lower future performance and earnings potential. The substantial cut in the price target further emphasizes the analyst's bearish stance, which could lead to a decrease in investor confidence and a potential drop in the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100