Advance Auto Parts' stock extends its record selloff, as BofA abandoned its longtime bullish stance after the auto parts seller's disappointing results.
Shares of Advance Auto Parts Inc. took another dive Thursday, to extend the previous session’s record plunge, after BofA Securities analyst Elizabeth Suzuki abandoned her longtime bullish stance following the auto parts seller’s disappointing quarterly results and outlook.
Suzuki cut her rating to neutral, after being at buy for the past three years, as the company’s “turnaround efforts appear to be faltering.”The stock AAP sank 5.8% in afternoon trading, putting it on track for the lowest close since Oct. 26, 2012.On Wednesday, the stock fell a record 35% after the company reported a big profit miss amid sharp margin pressure, cut its full-year outlook as those pressures are expected to continue and chopped its dividend by 83%.
The stock has plummeted 50.6% over the past three months, enough to make it the worst performer in the S&P 500 index SPX over that period. For O’Reilly Automotive Inc. ORLY , she reiterated the buy rating she’s had on the stock for the past year and the $990 stock-price target, as the company continues to gain market share in both the do-it-yourself and do-it-for-me categories.
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