Advance Auto Parts price target raised to $50 from $46 at RBC Capital

RBC Capital raised the firm’s price target on Advance Auto Parts (AAP) to $50 from $46 and keeps a Sector Perform rating on the shares after its Q3 results and the announced “asset optimization program”. The company seems to have a strong handle on its issues and introduced what looks to be a “sound strategic plan”, though while its optimism is growing, after several failed turnaround attempts in the past, RBC prefers to see tangible evidence of consistent progress before getting involved, the analyst tells investors in a research note.