Wells Fargo cuts PT for Advance Auto Parts, awaits steps to boost sales
** Wells Fargo cuts PT of automotive spare parts retailer Advance Auto Parts AAP.N to $40 from $50
** Brokerage wants to see evidence of steps to improve sales volumes
** Co's "necessary" steps to turn around business have been mismanaged through under-investment in business and hyper-growth via M&A - brokerage
** AAP cut annual results forecast last month and said it would sell its Worldpac unit for $1.5 bln to streamline operations
** 1 of 29 brokerages rate AAP "strong buy", 24 "hold" and 4 "sell" or lower; their median PT is $52 - LSEG
** As of last close, AAP fell 35.3% YTD
Reporting by Aatreyee Dasgupta
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