Advance Auto Parts' (AAP) fiscal Q2 gross margin miss was "minor" and doesn't materially change the forward guidance, RBC Capital Markets said in a note emailed Friday.

The firm noted that the company's adjusted gross margin grew about 16 basis points to 43.8%, lower than RBC's estimate of 44.1% and the consensus of 44.2%.

RBC said the gross margin being "a touch shy of expectations" was one of the reasons why company shares fell under pressure Thursday, when it released its quarterly results.

"The sell-off is somewhat overdone," RBC said.

RBC raised its price target on the company to $60 from $44 and maintained its sector perform rating.

Shares of Advance Auto Parts were up 1.4% in recent Friday trading.

Price: 57.67, Change: +0.82, Percent Change: +1.44