Advance Auto Parts price target lowered to $46 from $52 at RBC Capital

RBC Capital lowered the firm’s price target on Advance Auto Parts (AAP) to $46 from $52 and keeps a Sector Perform rating on the shares ahead of its Q3 results. The firm is cutting its SSS forecast to -1.5% from -0.9%, citing the readthrough from O’Reilly Automotive (ORLY) results, soft third-person spending data, and Worldpac being removed from the results, the analyst tells investors in a research note.