Zacks Investment Research downgraded shares of Advance Auto Parts Inc. (AAP) from OUTPERFORM to NEUTRAL on November 24, 2014, with a target price of $153.00.
We are downgrading Advance Auto Parts to Neutral from Outperform based on weakening financial position and price competition. However, the company reported a 27.7% rise in adjusted comparable earnings to $1.89 per share in the third quarter of fiscal 2014, surpassing the Zacks Consensus Estimate of $1.87. Revenues went up 50.6% year over year to $2.29 billion, in line with the Zacks Consensus Estimate. Sales benefited from the General Parts takeover, increase in comparable same-store sales and the addition of new stores over the last 12 months. Advance Auto Parts expects comparable cash earnings per share to be in the range of $7.50-$7.60 for 2014. Store expansion and benefits from acquisitions are some positives.
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