Advance Auto Parts Gets Price Target Cuts By Analysts After Downbeat Q1 Results

Advance Auto Parts, Inc. AAP reported worse-than-expected first-quarter financial results. The company also reduced its full-year guidance and decided to reduce its quarterly dividend.

AAP reported first-quarter FY23 sales growth of 1.3% year-on-year to $3.42 billion, missing the analyst consensus estimate of $3.43 billion. Earnings of 72 cents per share missed the analyst consensus of $2.57 per share.

Advance Auto Parts shares dropped 35% to close at $72.89 on Wednesday and lost 2.4% in today’s pre-market trading session.

These analysts made changes to their price targets on Advance Auto Parts following earnings announcement.

• JP Morgan cut the price target on Advance Auto Parts from $165 to $84. JP Morgan analyst Christopher Horvers downgraded the stock from Overweight to Neutral.
• Goldman Sachs slashed the price target on Advance Auto Parts from $155 to $82. Goldman Sachs analyst Kate McShane downgraded the stock from Buy to Neutral.
• Morgan Stanley lowered Advance Auto Parts price target from $130 to $80. Morgan Stanley analyst Simeon Gutman maintained an Equal-Weight rating.
• Citigroup cut Advance Auto Parts price target from $126 to $76. Citigroup analyst Steven Zaccone maintained the stock with a Neutral.
• Barclays slashed Advance Auto Parts price target from $129 to $69. Barclays analyst Seth Sigman maintained the stock with an Equal-Weight.
• Raymond James analyst Bobby Griffin, meanwhile, downgraded Advance Auto Parts from Strong Buy to Market Perform.

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