Street View: PT cuts after Advance Auto Parts appoints new leadership

Median Technologies SA

24/08/2023 13:53

Aug 24 (Reuters) -    **  Auto parts retailer Advance
Auto Parts sees PT cuts after it appoints new leadership
    ** Co names Shane O'Kelly as president and CEO; appoints
Tony Iskander as interim CFO
        ** Median PT from 27 brokerages is $75
        
  
    Uncertainty, skepticism about new leadership
  
        
  
    ** BofA Global Research (PT: $75 from $85; rating:
'neutral') says "still too much uncertainty to get more
positive"
    ** J.P.Morgan (PT: $78 from $84; rating: 'neutral') says,
"we face a number of significant unknowns on what the strategic
plan looks like and how much it potentially costs"
    ** RBC (PT: $70 from $84; rating: 'sector perform') says,
"investors are likely to question why this time is different"
after a series of rapid leadership changes
    ** Truist Securities (PT: $65 from $67; rating: 'hold') says
it "openly wonders what the new CEO will be able to do that all
of the prior management teams have not"

 (Reporting by Aishwarya Jain)
 ((Aishwarya.Jain@thomsonreuters.com;))