- Truist analyst Scot Ciccarelli initiated coverage of Advance Auto Parts Inc (NYSE:AAP) with a Buy rating and $273 price target, suggesting a 12% upside.
- Ciccarelli said the recent industry drivers, including more personal vehicle usage, suburban/rural migration, and elevated vehicle prices, will continue well into the foreseeable future.
- Ciccarelli noted, after years of heavy investment, the company has finally laid the groundwork to capitalize on its "substantial margin expansion opportunity."
- Price Action: AAP shares are trading higher by 2.21% at $242.78 on the last check Thursday.
