Advanced Auto Parts (NYSE:AAP) is headed into a short-term pull back in a continued climb. Currently trading around $64-65, we recommend buying in the $56-61 range (support on the chart), with a risk of seeing $48-52. However, going long our price target is $66-71. Overall long-term behavior is strong positive.
Current P/E is 14.97. Taking in to account forecasted EPS and earnings growth, we can value this stock at $98 per share, leading us to consider its $64 price undervalued and a good long-term buy.
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Disclosure: Long AAP