Advance Auto Parts upgraded to Outperform from Underperform at Wedbush Wedbush is positive on Advanced Auto's (AAP) acquisition of privately held General Parts Inc and views it as transformation for the company and complementary in nature. The firm said General Parts adds delivery scale, cost synergies, new market opportunities, and geographic breadth. Price target raised to $120 from $70.
Starboard expected to disclose 3.7% stake in Advance Auto Parts, WSJ reports Starboard Value is expected to announce that it has built up a 3.7% stake in Advance Auto Parts (AAP) at an investment conference in Toronto today, The Wall Street Journal reports. According to a presentation reviewed by the publication, Starboard has already met with Advance Auto's management and is urging the company to drive margins higher and improve operations. Starboard believes Advance Auto is lagging behind AutoZone (AZO) and O'Reilly Automotive (ORLY) in profit margins. Reference Link