Advance Auto Parts Tumbling Today On Analysts Reaction: What's Going On?
Portfolio Pulse from Lekha Gupta
Advance Auto Parts, Inc. (NYSE:AAP) stock was downgraded by BofA Securities analyst Elizabeth L. Suzuki to Underperform from Neutral with a price target cut to $43 from $60. The downgrade follows AAP's Q3 earnings miss and lowered FY23 EPS outlook. The company also announced the initiation of sale processes for Worldpac and its Canada business. Other analysts from JP Morgan, Wedbush, and Goldman Sachs also lowered their price targets for AAP. AAP shares dropped 5.89% to $52.38.
November 16, 2023 | 5:27 pm
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Advance Auto Parts was downgraded by BofA Securities with a significant price target reduction, following a Q3 earnings miss and lowered FY23 guidance. Other analysts also cut their price targets, and the stock price fell by 5.89%.
The downgrade by BofA Securities, along with lowered price targets from other analysts, reflects a bearish outlook on AAP's financial performance. The Q3 earnings miss and reduced FY23 EPS outlook suggest potential medium-term challenges for the company, likely leading to negative investor sentiment and downward pressure on the stock price in the short term.
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IMPORTANCE 90
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