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Fly News Breaks for August 12, 2019
Aug 12, 2019 | 07:33 EDT
JPMorgan analyst Christopher Horvers likes the risk/reward on shares of Advance Auto Parts into the company's earnings report on August 13. The same-store-sales bar looks achievable while gross margins have upside potential as LIFO headwinds moderate, Horvers tells investors in a pre-earnings research note. He sees potential for earnings upside and believes the "easy" short case is evaporating. The analyst keeps an Overweight rating on Advance Auto with a $222 price target.
News For AAP From the Last 2 Days
Sep 13, 2019 | 10:03 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Kemet (KEM) upgraded to Buy from Hold at Stifel with analyst Matthew Sheerin stating that while the company is facing headwinds similar to competitors amid weakening demand and an inventory correction, its fundamentals have held up significantly better than comps due primarily to its product portfolio. 2. Advance Auto Parts (AAP) upgraded to Buy from Neutral at Citi with analyst Gregory Badishkanian saying same-store sales momentum, assortment optimization and omni-channel initiatives should drive sales growth. 3. M.D.C. Holdings (MDC) upgraded to Strong Buy from Outperform at Raymond James with analyst Buck Horne noting the company's released preliminary Q3 net order activity through July and August is tracking "dramatically ahead" of his prior expectations. 4. Etsy (ETSY) upgraded to Outperform from Neutral at Wedbush with analyst Ygal Arounian telling investors he now sees a critical mass of new initiatives, highlighted by Etsy Ads and free shipping, that can drive stronger GMS growth and margin expansion over time. 5. Acadia (ACAD) upgraded to Outperform from Market Perform at SVB Leerink with analyst Marc Goodman citing the recently announced results from the Phase 3 HARMONY study in Dementia Related Psychosis. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.