Story updated at 10 a.m. to reflect market activity.
Advance Auto Part fell -1.6% to $122.29 in morning trading.
The firm also raised its EPS estimates for the company. According to UBS analyst Michael Lasser Advance Auto Parts' synergies are starting to flow through in the second half of the year.
"As we see it, the most notable takeaway from AAP's 1Q'14 is that it provided a look at the potential that the co. can start to produce as it gets into the heart of its integration," Lasser wrote. "Its 2.4% comp was 100 bps ahead of our forecast and was driven by an increase in the co's DIFM and DIY segments. It's true that the weather played a role in the increase as categories like batteries and wipers were strong. But, the outcome was also driven by better execution and greater inventory availability."
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TheStreet Ratings team rates ADVANCE AUTO PARTS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ADVANCE AUTO PARTS INC (AAP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, expanding profit margins, reasonable valuation levels and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."