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AAP

Advance Auto Parts

, ORLY

O'Reilly Automotive

$207.13

-0.88 (-0.42%)

09:33
09/15/17
09/15
09:33
09/15/17
09:33

Wolfe calls it 'way too early' to think about LBOs for most auto part

Wolfe Research analyst Chris Bottiglieri noted that auto part retailers have been "spookily rebounding" despite his survey pointing to negative investor sentiment, leading him to revisit his LBO model to assess take-out risk for the group. He concludes that while Advance Auto Parts (AAP) is entering a valuation range where an LBO is "in the discussion," he sees it as still "way too early" to consider the possibility of an LBO for O'Reilly Automotive (ORLY), AutoZone (AZO) or Genuine Parts (GPC). While Advance Auto shareholder Starboard may not sanction a deal that locks in losses, his estimated holding cost of $154 for the firm is a "soft floor" for a take-out price, he added.

AAP

Advance Auto Parts

ORLY

O'Reilly Automotive

$207.13

-0.88 (-0.42%)

AZO

AutoZone

GPC

Genuine Parts

  • 19

    Sep

  • 27

    Sep

  • 30

    Oct

AAP Advance Auto Parts

08/24/17
UBSW
08/24/17
NO CHANGE
Target $118
UBSW
Buy
Advance Auto Parts offers substantial upside, but it will take time, says UBS
UBS analyst Michael Lasser said Advance Auto Parts shares offer substantial upside, but it may take time. He said management sees significant opportunity to unlock value up and down the organization. He noted previously management prioritized shorter-run outcomes at the expense of the long-run and as a result, the issues wont be fixed overnight. Lasser reiterated his Buy rating and $118 price target on Advance Auto Parts shares.
09/12/17
SBSH
09/12/17
DOWNGRADE
Target $82
SBSH
Sell
Advance Auto Parts downgraded to Sell from Neutral at Citi
Citi analyst Kate McShane downgraded Advance Auto Parts (AAP) to Sell and cut her price target for the shares to $82 from $99. The company's turnaround seems to be taking longer given the number of issues to fix, and its cost savings are unlikely to impact earnings given its needed investments, McShane tells investors in a research note titled "Still Pricey for a Fixer-Upper and There is a Lot to Fix in a Possibly Slower Industry Growth Environment." The analyst believes the stock's valuation remains rich relative to peers. She recommends a pair trade of long O'Reilly Automotive (ORLY), short Advance Auto.
09/12/17
OPCO
09/12/17
NO CHANGE
OPCO
Hardlines to benefit as hurricane cleanup efforts take hold, says Oppenheimer
Oppenheimer analyst Brian Nagel notes that the final tally of damages left behind by recent hurricanes is unlikely to be known for some time, and envisions a long and arduous period of cleanup and rebuilding across impacted regions. Nagel believes a collection of Hardlines names are particularly well positioned to capitalize upon a potential strengthening in underlying demand trends, including the leading home centers Home Depot (HD) and Lowe's (LOW), Lumber Liquidators (LL), Tractor Supply (TSCO), CarMax (KMX), and the auto parts chains AutoZone (AZO), O'Reilly Automotive (ORLY), Advance Auto Parts (AAP). Costco (COST) likely benefited as households stocked up on products ahead of storms, he adds.
09/12/17
09/12/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Bristol-Myers (BMY) downgraded to Neutral from Long-Term Buy at Hilliard Lyons with analyst Kurt Kemper citing share appreciation as shares have approached his previous $65 price target. 2. Bunge (BG) downgraded to Hold from Buy at Vertical Group citing the acquisition of 70% interest in IOI Loders Croklaan. 3. Advance Auto Parts (AAP) downgraded to Sell from Neutral at Citi with analyst Kate McShane saying the company's turnaround seems to be taking longer given the number of issues to fix, and its cost savings are unlikely to impact earnings given its needed investments. 4. Precision Drilling (PDS) downgraded to Neutral from Overweight at JPMorgan. 5. Nucor (NUE) and Steel Dynamics (STLD) were downgraded to Equal Weight from Overweight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ORLY O'Reilly Automotive
$207.13

-0.88 (-0.42%)

08/22/17
JEFF
08/22/17
NO CHANGE
JEFF
Weak spending from Hispanic consumers likely temporary, says Jefferies
A team of Jefferies analysts note that several consumer companies have flagged weakness from Hispanic consumers during this earnings season, which they attribute to likely being linked to uncertainty around immigration policy more than a result of a deteriorating economic backdrop. Companies that have been hurt may be due for a rebound as this is assumed to be a short term phenomenon and some have already noted improvement, the team tells investors. Some of the companies that recently have specifically flagged weakness in Hispanic spending include Foot Locker (FL), Murphy USA (MUSA), O'Reilly Automotive (ORLY), Target (TGT), Valvoline (VVV) and Wingstop (WING), the firm noted.
08/16/17
SBSH
08/16/17
NO CHANGE
Target $99
SBSH
Neutral
Advance Auto Parts price target lowered to $99 from $125 at Citi
Citi analyst Kate McShane lowered her price target for Advance Auto Parts (AAP) to $99 after the company dropped the midpoint of its comp guidance to down 2% from up 1%. While Advance's growth initiatives will take time to gain traction, it's "highly alarming" that the company will likely diverge from O'Reilly Automotive (ORLY) again starting in Q3, especially with years of easy stacked comparisons, McShane tells investors in a research note. She thinks O'Reilly and AutoZone (AZO) remain the better way to gain exposure to auto parts retailing. The analyst keeps a Neutral rating on Advance Auto Parts.
AZO AutoZone

09/05/17
BOFA
09/05/17
INITIATION
Target $625
BOFA
Buy
AutoZone reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Elizabeth Suzuki reinstated AutoZone with a Buy and a $625 price target. The analyst expects 2017 headwinds to abate in 2018, with a cyclical uplift in 2019 as a US fleet vehicles enter a phase of accelerating aging.
09/12/17
BTIG
09/12/17
NO CHANGE
BTIG
AutoZone valuation 'very compelling,' says BTIG
BTIG analyst Alan Rifkin says that AutoZone is trading at a 37% discount to the S&P, making its valuation "very compelling." He says that in the four previous times the stock traded at a 40% discount to the market since 2001, it outperformed the market for the next year all four times. Rifkin expects the company to report comp sales growth of 1.2% for its Q4, up from 1% last year. He keeps an $825 price target and a Buy rating on the shares.
GPC Genuine Parts

01/19/17
GSCO
01/19/17
UPGRADE
Target $105
GSCO
Neutral
Genuine Parts upgraded to Neutral from Sell at Goldman
Goldman Sachs analyst Matthew Fassler upgraded Genuine Parts to Neutral on expectations the company will return to earnings growth after two flat years. Industrial trends are stabilizing while the weather impacting the auto parts space should normalize, Fassler tells investors in a research note. He raised his price target for the shares to $105 from $95.
07/05/17
BTIG
07/05/17
NO CHANGE
Target $243
BTIG
Buy
O'Reilly Automotive price target lowered to $243 from $310 at BTIG
BTIG analyst Alan Rifkin lowered his price target for O'Reilly Automotive (ORLY) to $243 after the company preannounced Q2 comps of 1.7%, which missed guidance of 3%-5% and his 5% estimate. While April rebounded following a disappointing Q1 comp of 0.8%, May and June deteriorated, Rifkin tells investors in a research note. He believes the sustained comp weakness suggests sales are being impacted by factors other than income tax delays and weather. Nonetheless, the analyst thinks O'Reilly's long-term fundamentals remain strong. He keeps a Buy rating on the shares. The stock in morning trading is down 20% to $177.33. Peers Advance Auto Parts (AAP), AutoZone (AZO), Genuine Parts (GPC) and U.S. Auto Parts (PRTS) are also moving lower.
07/06/17
GSCO
07/06/17
DOWNGRADE
Target $89
GSCO
Sell
Genuine Parts downgraded to Sell from Neutral at Goldman Sachs
Goldman analyst Matthew Fassler downgraded Genuine Parts (GPC) to Sell from Neutral citing relative valuation and reduced forecasts and cut its price target to $89 from $104 to reflect the O'Reilly (ORLY) Q2 pre-announcement.
07/21/17
GABE
07/21/17
UPGRADE
GABE
Buy
Genuine Parts upgraded to Buy from Hold at Gabelli
Gabelli analyst Brian Sponheimer upgraded Genuine Parts to Buy with a $101 price target citing the pullback in shares.

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