Third Point’s Dan Loeb adds to its investment in Advance Auto Parts
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 30 2024
0mins
Source: SeekingAlpha
Third Point Investment in Advance Auto Parts (AAP):
- Third Point increased its investment in Advance Auto Parts despite underperformance among industry peers.
- The hedge fund sees potential in the auto aftermarket due to resilience during consumer cycles and increasing vehicle complexity.
- Third Point believes that new leadership and advisors can help close the performance gap with peers.
- The sale of Worldpac is expected to unlock shareholder value and improve the company's financial standing.
- New CEO Shane O’Kelly and three new directors are key to the turnaround at Advance Auto Parts.
Third Point Investments in Other Companies:
- Third Point also added to their investments in Taiwan Semiconductor Manufacturing Co., London Stock Exchange Group Plc, Vistra Corp., and Alphabet Inc.
Analyst Views on VST
Wall Street analysts forecast VST stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for VST is 240.09 USD with a low forecast of 217.00 USD and a high forecast of 287.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
11 Buy
0 Hold
0 Sell
Strong Buy
Current: 160.360
Low
217.00
Averages
240.09
High
287.00
Current: 160.360
Low
217.00
Averages
240.09
High
287.00
About VST
Vistra Corp. is an integrated retail electricity and power generation company that provides essential resources to customers, businesses, and communities from California to Maine. It operates a reliable power generation fleet of natural gas, nuclear, coal, solar, and battery energy storage facilities while taking an innovative, customer-centric approach to its retail business. Its segments include Retail, Texas, East, West, and Asset Closure. The Retail segment is engaged in retail sales of electricity and natural gas to residential, commercial and industrial customers. The Texas and East segments are engaged in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel procurement, and logistics management. The West segment represents results from the CAISO market, including its battery ESS projects at its Moss Landing power plant site. The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
