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Fly News Breaks for February 8, 2019
ORLY, AZO
Feb 8, 2019 | 06:55 EDT
Oppenheimer analyst Brian Nagel downgraded AutoZone (AZO) to Perform from Outperform, telling investors that from the consumer perspective, investor angst towards a potential marked economic downturn seems overblown. Valuations, while not depressed, have moderated, and seem to discount for a sustained deceleration in spending, Nagel says, adding that he believes AutoZone and O'Reilly Auto (ORLY) have benefited as investors sought counter-cyclical safety. He does not foresee any type of fundamental deterioration at either AutoZone or O'Reilly, he notes. Nagel raised his price target to $900 from $860.
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