Advance Auto Parts, Inc. AAP reported better-than-expected earnings for its fourth quarter.

Advance Auto Parts reported quarterly sales growth of 3.2% year over year to $2.47 billion, beating the consensus of $2.42 billion. Adjusted EPS of $2.88 beat analyst consensus of $2.39.

Advance Auto Parts reports FY23 sales of $11.4 billion — $11.6 billion versus consensus of $11.33 billion. The company is forecasting earnings per share of $10.20 to $11.20 compared to Street View’s $12.53.

Tom Greco informed the company of his plan to retire at the end of the year as the company’s President and Chief Executive Officer.

Advance Auto Parts shares gained 3.1% to close at $144.96 on Tuesday.

These analysts changed their price targets for Advance Auto Parts after the results were released.

• Raymond James Lowering the price target for Advance Auto Parts from $200 to $180. Raymond James analyst Bobby Griffin maintained a strong buy rating.
• Citigroup lowered the price target for Advance Auto Parts from $159 to $153. Citigroup analyst Steven Zaccone maintained his neutral rating.
• MorganStanley Lowering the price target for Advance Auto Parts from $165 to $155. Morgan Stanley analyst Simeon Gutman maintained an equal weight rating.

Continue reading: Investor optimism is fading after US stocks posted losses in February