Zacks Investment Research upgraded shares of Advance Auto Parts Inc. (AAP) from NEUTRAL to OUTPERFORM on February 20, 2014, with a target price of $151.00.
We are upgrading Advance Auto Parts to Outperform from Neutral based on strong performance in fiscal and fourth-quarter 2013 together with raised guidance for 2014. It posted a 6.8% rise in earnings to $0.94 per share in the fourth quarter of fiscal 2013, exceeding the Zacks Consensus Estimate by $0.16. Revenues rose 6% to $1.41 billion, beating the Zacks Consensus Estimate of $1.38 billion. Sales benefited from the acquisition of BWP Distributors, increase in comparable same-store sales and the addition of 151 new stores in the last 12 months. Advance Auto Parts continues to expect earnings between $7.20 and $7.40 per share for 2014. The company intends to focus on sales growth and operating profit improvement.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on Advance Auto Parts Inc. (AAP),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment