Advance Auto Parts Tops Bank of America Stock List for Sector

Bank of America is bullish on auto-parts stocks.

“In light of the recent downturn in stocks across our hard-line retail coverage, we reassess valuations and growth outlooks for the auto-parts retail stocks,” the investment firm’s analysts wrote in a commentary. 

The stocks are “often considered more defensive, ‘staples-like’ stocks within the consumer discretionary sector.”

Advance Auto Parts  (AAP) – Get Advance Auto Parts, Inc. Report remains Bank of America’s top pick in auto-parts retail. It’s the third largest company in the industry by 2021 revenue after AutoZone  (AZO) – Get AutoZone, Inc. Report and O’Reilly Automotive  (ORLY) – Get O’Reilly Automotive, Inc. Report.

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