Advance Auto Parts, Inc. (AAP) is gearing up to release its second-quarter earnings results before the market opens on Thursday, August 22nd. Investors and analysts are keenly watching to see how the company has fared amid ongoing economic challenges.
Analysts are predicting that Advance Auto Parts will report earnings of 94 cents per share for the quarter, a significant drop from the $1.44 per share earned in the same period last year. However, revenue is expected to remain relatively stable, with analysts projecting $2.67 billion in revenue for the quarter, a slight increase from the $2.66 billion reported a year ago.
This comes after the company reported first-quarter earnings per share of 67 cents, exceeding analyst expectations of 64 cents. Advance Auto Parts stock saw a 1.8% rise on Wednesday, closing at $61.92.
To gain further insight into the market sentiment surrounding Advance Auto Parts, let’s examine recent analyst ratings and price targets.
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JP Morgan:
Analyst Christopher Horvers maintained a Neutral rating on August 16th, while reducing the price target from $68 to $55. Horvers boasts a 73% accuracy rate in his predictions.*
Wedbush:
Analyst Laura Champine reiterated a Neutral rating on August 9th, with a price target of $65. Champine has a 69% accuracy rate in her analysis.*
Evercore ISI Group:
Analyst Greg Melich maintained an In-Line rating on July 16th, but lowered the price target from $70 to $68. Melich has a 76% accuracy rate.*
B of A Securities:
Analyst Elizabeth Suzuki kept an Underperform rating on May 30th but raised the price target from $51 to $55. Suzuki’s accuracy rate stands at 62%.*
UBS:
Analyst Michael Lasser maintained a Neutral rating on May 30th, adjusting the price target downwards from $72 to $70. Lasser has an accuracy rate of 78%.The mixed bag of analyst ratings and price targets underscores the uncertainty surrounding Advance Auto Parts’ future performance. While some analysts believe the company’s stock is undervalued, others express cautious optimism or even pessimism.
Investors will be closely watching the earnings release to gain a better understanding of the company’s current financial health and prospects for the remainder of the year. This information will likely influence their decision to buy, sell, or hold AAP stock.
Please note: This article provides general information and does not constitute investment advice. It is essential to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.
