Advance Auto Parts price target lowered to $45 from $60 at Evercore ISI

Evercore ISI lowered the firm’s price target on Advance Auto Parts (AAP) to $45 from $60 and keeps an In Line rating on the shares. The team at Advance is making the “tough but necessary decisions” to pair back their business and refocus on the core of selling replacement parts from a blended box, the analyst tells investors. The firm’s base case target of $45 reflects inherent turnaround “hair,” while in a bull case “the low $90’s is within reason,” but a bear outlook of low teens “can’t be overlooked,” the analyst added.