Goldman Sachs Downgrades Advance Auto Parts Price Objective to $40.00

Goldman Sachs recently issued a pessimistic forecast for Advance Auto Parts (NYSE:AAP) stock price, dropping its price objective from $54.00 to $40.00 in a report published on Friday. This indicates a potential downside of 6.21% from the current price of $42.65.

The firm currently maintains a 'sell' rating on the stock, which is one of several ratings from various analysts. UBS Group cut its price target on Advance Auto Parts to $47.00 and set a 'neutral' rating, while Deutsche Bank Aktiengesellschaft upgraded the company to a 'buy' rating.

Advance Auto Parts has seen a mixed reaction from analysts, with some expressing concerns about weak DIY demand and execution risks. However, others have noted that the company's turnaround is still working, despite a recent revenue miss. The company reported $1.03 earnings per share for its second quarter, topping analyst estimates of $0.81.

The stock has an average rating of 'Hold' among analysts, with 19 holding the same rating and two rating it as 'Buy'. Advance Auto Parts currently has a market capitalization of $2.58 billion and a price-to-earnings ratio of 59.24.