Advance Auto Parts (AAP) PT Raised to $130 at Wedbush; More Signs of Progress

Wedbush raised its price target on Advance Auto Parts (NYSE: AAP) to $130.00 (from $115.00) while maintaining an Outperform rating.

Analyst Seth Basham commented, "AAP reported 4Q17 results that handily beat expectations on the top- and bottomlines as the company benefited not only from more favorable weather but also from improvements to its operations. With progress on key initiatives building, we see the stage set for the company at least meeting—if not beating—somewhat conservative guidance for 2018. In addition to improving operations, visibility to benefits from transforming the supply chain over the next three years should lead to increased confidence in much higher earnings power. Our new price target of $130 (up from $115) reflects incremental confidence in the near- and mediumterm outlook."

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