JPMorgan analyst Christopher Horvers added Advance Auto Parts (AAP) to his firm's Analyst Focus List while removing Ulta Beauty (ULTA). Stronger upper Midwest and East Coast industry trends favor Advance Auto while 2018 estimate updates appear achievable, Horvers tells investors in a research note. He raised his price target for the shares to $138 from $110 and keeps an Overweight rating on the name. The analyst removed Ulta Beauty from the Focus List citing the unplanned coupon this week and his belief that gross margin estimates for Q4 are too high. He sees risk to guidance but raised his price target for the shares to $300 from $270 and keeps an Overweight rating on the name.
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