Morgan Stanley raises Advance Auto Parts' PT after robust Q1 results

Morgan Stanley raises Advance Auto Parts' AAP.N PT to $48 from $45, 2.4% downside to stock's last close; leaves rating unchanged at 'equal-weight'

Brokerage says co to perform well in second half of the year, following better-than-expected Q1 results

Adds co's combination of defensive category, progress in generating stable topline growth and significant margin will boost earnings

Automotive aftermarket parts provider's shares down 2% at $48 premarket

Co on Thursday posted Q1 earnings that beat analysts' estimates

One of 28 brokerages rate stock "strong buy", 23 "hold" and four "sell"; their median PT is $41 - data compiled by LSEG

As of last close, shares up 4% YTD