Zacks Investment Research upgraded shares of Advance Auto Parts Inc. (AAP) from UNDERPERFORM to NEUTRAL on February 08, 2013, with a target price of $81.00.
Advance Auto parts aims to improve its supply chain and vendor terms by pursuing an aggressive store expansion strategy. In 2012, the company has opened 137 stores. Further, aggressive share repurchase policy is expected to boost its earnings per share. However, the sluggish economy, volatile gasoline prices and pricing are some of the challenges facing the company. The company's profits dipped 2.2% to $0.88 per share in the fourth quarter of 2012 but beat the Zacks Consensus Estimate by $0.13 per share. As such, we have upgraded the recommendation to Neutral from Underperform and set a target price of $81.00.
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