JP Morgan Maintains Neutral Rating for Advance Auto Parts: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
JP Morgan has maintained a Neutral rating on Advance Auto Parts (NYSE:AAP) but lowered its price target from $78.00 to $55.00. Advance Auto Parts' shares have fallen 7.17% to $51.68. The new price target suggests a potential upside of 6.42% from the current price. Advance Auto Parts operates 5,086 stores and services 1,311 Carquest stores, with 59% of 2022 sales from commercial clients.

November 16, 2023 | 5:00 pm
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JP Morgan maintains a Neutral rating on Advance Auto Parts and lowers the price target from $78 to $55. The stock has dropped 7.17% and is currently trading at $51.68.
The maintenance of a Neutral rating by JP Morgan indicates no change in the investment firm's outlook on Advance Auto Parts, suggesting stability in the company's performance. However, the reduction in the price target could reflect a tempered expectation of the company's future growth or profitability, which may have already been priced in given the recent 7.17% decline in the stock. The new price target still implies a potential upside, which could prevent a further significant drop in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100