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Fly News Breaks for May 5, 2016
AAP
May 5, 2016 | 07:15 EDT
Raymond James analyst Dan Wewer downgraded Advance Auto Parts two notches to Market Perform from Strong Buy citing increasing uncertainty with the status of the profit recovery plan. The analyst said new CEO Tom Greco does not have sufficient time to formulate a new strategy plan ahead of the Q1 conference call on May 19 and said management needs to lower Advance's EBIT margi goal of 12% for 2016 as soon as possible. Additionally, Wewer said there is an increasing likelihood Advance will need to write down the value of inventory and possibly some of its fixed assets, in a time when competitive pressures are intensifying.
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