Advance Auto Parts resumed with a Neutral at Roth MKM

Roth MKM resumed coverage of Advance Auto Parts with a Neutral rating and $40 price target After a decade of relative underperformance, Advance is in the early stages of a major restructuring and turnaround under the guidance of new management, the analyst tells investors in a research note. However, the firm is reluctant to award the stock a higher multiple until signs of a recovery become evident.