J.P. Morgan Calls Autoparts Sector A Safe Haven

J.P. Morgan revised its price target upward, from $47.00 to $57.00 earlier today for Advanced Auto Parts, Inc. AAP. The analysts sounded an optimistic note on the autoparts sector in general, calling it a "safe haven." With pent-up demand from a difficult winter, "the acceleration in sales came at the perfect time as investors sought refuge in countercyclical names with no European exposure." But they issued three big questions for the industry: Piper's 3 Big Questions for the Autoparts Sector How enduring is the comp lift? Slow recovery in SAAR benefits the sector;2010 likely the peak? How much revaluation? The analysts issued a $57 price target and maintained their Neutral rating.