Advance Auto Parts (AAP) shares' 15% decline last week, when the Russell 2000 fell 1.7%, is "overdone," Wedbush Securities said in a note Monday.
The brokerage said it has become more comfortable in the company's story after further digesting its Q4 results and outlook.
The path forward is clear so far despite an "uphill execution battle" amid some operational pieces that are moving at once and competition that is not standing still, Wedbush said.
"Communication of the story - including what changed from three months ago and more color on the expected cadence through 2025 - is more to blame to the stock's decline last week than a change in the progress on turnaround, the firm said.
Wedbush maintained the company's outperform rating and $55 price target.
Price: 36.25, Change: -0.65, Percent Change: -1.76
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