Advance Auto Parts (NYSE:AAP) Updates FY24 Earnings Guidance

Advance Auto Parts (NYSE:AAP) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of 2.00-2.50 for the period, compared to the consensus EPS estimate of $3.54. The company issued revenue guidance of $11.15-11.25 billion, compared to the consensus revenue estimate of $11.29 billion. Advance Auto Parts also updated its FY 2024 guidance to 2.000-2.500 EPS.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AAP. Bank of America raised their price target on shares of Advance Auto Parts from $51.00 to $55.00 and gave the stock an underperform rating in a research report on Thursday, May 30th. Wedbush reissued a neutral rating and issued a $65.00 price target on shares of Advance Auto Parts in a report on Friday, August 9th. UBS Group upped their price objective on Advance Auto Parts from $68.00 to $72.00 and gave the stock a neutral rating in a research note on Tuesday, May 28th. StockNews.com upgraded Advance Auto Parts from a sell rating to a hold rating in a research note on Thursday, May 30th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Advance Auto Parts from $68.00 to $55.00 and set a neutral rating for the company in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating and fifteen have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $63.36.

Advance Auto Parts Price Performance

Shares of NYSE:AAP opened at $51.10 on Friday. The stock has a market capitalization of $3.05 billion, a P/E ratio of 74.06, a P/E/G ratio of 1.20 and a beta of 1.20. The business has a 50-day moving average of $61.21 and a two-hundred day moving average of $68.70. Advance Auto Parts has a fifty-two week low of $47.73 and a fifty-two week high of $88.56. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.22 and a quick ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last posted its earnings results on Thursday, August 22nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.22). Advance Auto Parts had a return on equity of 1.59% and a net margin of 0.37%. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same quarter last year, the firm posted $1.43 earnings per share. The firm’s revenue for the quarter was down .1% compared to the same quarter last year. On average, equities research analysts predict that Advance Auto Parts will post 3.7 EPS for the current fiscal year.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.