Benzinga - Advance Auto Parts, Inc. (NYSE: AAP) reported better-than-expected earnings for its fourth quarter.
Advance Auto Parts reported quarterly sales growth of 3.2% year-on-year, to $2.47 billion, beating the consensus of $2.42 billion. Adjusted EPS of $2.88 beat the analyst consensus of $2.39.
Advance Auto Parts sees FY23 revenue of $11.4 billion - $11.6 billion versus the consensus of $11.33 billion. The company projects EPS of $10.20 - $11.20 versus the Street view of $12.53.
Tom Greco informed the company of his plan to retire as President and Chief Executive Officer of the company at the end of the year.
Advance Auto Parts shares gained 3.1% to close at $144.96 on Tuesday.
These analysts made changes to their price targets on Advance Auto Parts following the release of results.
- Raymond James cut the price target on Advance Auto Parts from $200 to $180. Raymond James analyst Bobby Griffin maintained a Strong Buy rating.
- Citigroup slashed the price target on Advance Auto Parts from $159 to $153. Citigroup analyst Steven Zaccone maintained a Neutral rating.
- Morgan Stanley cut the price target on Advance Auto Parts from $165 to $155. Morgan Stanley analyst Simeon Gutman maintained an Equal-Weight rating.
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