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Credit Suisse defends Advance Auto Parts

May 23, 2018 1:45 PM ETAdvance Auto Parts, Inc. (AAP) StockAAPBy: Clark Schultz, SA News Editor4 Comments
  • Credit Suisse keeps an Outperform rating on Advance Auto Parts (AAP +5.7%) after taking in the company's Q1 earnings report.
  • Analyst Seth Sigman on AAP: "While comps were lower at -0.8%, the trend is improving from prior quarters as we show, which along with stronger QTD commentary, a return to gross profit dollar growth, an improvement in margin rate (even ex-SG&A shift to Q2), and improving FCF, should continue to support the EPS improvement story."
  • CS lifts its 2018 EPS estimate to $6.68 and see 2019 EPS of $7.67. The firm sets a price target of $130 on the auto retailer.
  • Previously: Advance Auto Parts beats by $0.13, misses on revenue (May 22)
  • Previously: Advance Auto Parts down on mixed Q1 results (May 22)

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