Advance Auto Parts Inc. AAP posted a loss for the third quarter on Wednesday.
Advance Auto Parts reported third-quarter FY23 sales growth of 2.9% year-on-year to $2.719 billion, beating the analyst consensus of $2.68 billion. The company reported an EPS loss of 82 cents.
The company lowered the FY23 EPS outlook to $1.40-$1.80 versus the $4.65 estimate (Prior View: $4.50-$5.10). The company revised the FY23 revenue outlook to $11.250 billion-$11.300 billion versus the $11.27 billion estimate (Prior View: $11.25 billion - $11.35 billion ).
Advance Auto Parts shares fell 7.3% to trade at $51.59 on Thursday.
These analysts made changes to their price targets on Advance Auto Parts following earnings announcement.
- B of A Securities cut the price target on Advance Auto Parts from $60 to $43. B of A Securities analyst Elizabeth Suzuki downgraded the stock from Neutral to Underperform.
- Goldman Sachs slashed the price target on Advance Auto Parts from $83 to $73. Goldman Sachs analyst Kate McShane maintained a Neutral rating.
- Wedbush lowered the price target on Advance Auto Parts from $80 to $60. Wedbush analyst Seth Basham maintained a Neutral rating.
- JP Morgan lowered the price target on Advance Auto Parts from $78 to $55. JP Morgan analyst Christopher Horvers maintained a Neutral rating.
Check This Out: Top 4 Financial Stocks You'll Regret Missing This Month
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.