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Fly News Breaks for January 13, 2020
AAP
Jan 13, 2020 | 05:52 EDT
JPMorgan analyst Christopher Horvers downgraded Advance Auto Parts to Neutral from Overweight with a price target of $163, down from $168. The analyst also removed the shares from his firm's Analyst Focus List. The company's key sales drivers heading into 2020 appear to be "more incrementally negative" than positive due to weather, less inflation and slower GDP growth, Horvers tells investors in a research note. Further, Advance Auto's do-it-yourself business "is already on shaky ground," contends the analyst. As such, Horvers is concerned that Advance Auto's "anticipated margin unlock story" could be impacted.
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