BofA lowered the firm’s price target on Advance Auto Parts (AAP) to $36 from $44 and keeps an Underperform rating on the shares after the company reported Q3 EPS of (4c), below consensus at 51c, with comps down 2.3%. After the sale of Worldpac, Advance lowered 2024 guidance to $9B revenue on down 1% comps, notes the firm, which thinks pricing adjustments, strategic investments and consumer uncertainty could continue to pressure Advance Auto’s sales and margin rate in 2025.
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