Analysts Just Cut Price Targets for These 5 Stocks

4. Advance Auto Parts, Inc. (NYSE:AAP)

Number of Hedge Fund Holders: 33

RBC Capital trimmed its price target for Advance Auto Parts, Inc. (NYSE:AAP) from $217 per share to $199 per share on Thursday, August 25, 2022. RBC Capital analyst Steven Shemesh referred to the company’s lower-than-expected Q2 sales.

Shemesh now expects Advance Auto Parts, Inc. (NYSE:AAP) to report a full-year operating margin close to the low end of its outlook. Moreover, the analyst sees limited positive catalysts for the automotive aftermarket parts retailer in the near term.

Earlier this week, Advance Auto Parts, Inc. (NYSE:AAP) posted weak results for its fiscal second quarter, as higher fuel prices and record inflation hurt the demand for its products. The Raleigh-based company reported adjusted earnings of $3.74 per share, missing the consensus of $3.76 per share. Revenue inched up 0.6 percent to $2.7 billion, behind the expectations of $2.75 billion

Moreover, Advance Auto Parts, Inc. (NYSE:AAP) also lowered its full-year sales outlook to a range of $11 – $11.2 billion, from its earlier guidance between $11.2 – $11.5 billion. The updated outlook was below the consensus of $11.34 billion.