Advance Auto Parts ' massive earnings miss has drawn strong analyst concern. Both Goldman Sachs and JPMorgan downgraded Advance Auto Parts to neutral Thursday. They also slashed their price targets to $82 and $84, respectively, from $165 and $155. The car parts retailer has plummeted more than 50% year to date, with much of that drop coming after Wednesday's quarterly report .
Horvers added that the company's struggles have been ongoing for some time, given that Advance Auto Parts has been looking to turn a meaningful corner for more than 10 years. "AAP has also been an in-and-out again turnaround story since we started covering the stock in 2008, so whomever takes over has a big job ahead, which creates reinvestment and reset risk," he said.
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