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Fly News Breaks for November 6, 2019
AAP
Nov 6, 2019 | 08:51 EDT
JPMorgan analyst Christopher Horvers thinks Advance Auto Parts' Q3 earnings report on November 12 will be a positive catalyst for the shares. Comp and earnings upside should encourage the stock to re-rate into 2020 as Advance Auto is currently trading at 17.9 times 2020 estimates, which offers "1-2 turns" of price-to-earnings multiple expansion, Horvers tells investors in a pre-earnings research note. He keeps an Overweight rating on the shares with a $168 price target.
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