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Fly News Breaks for August 24, 2015
AZO
Aug 24, 2015 | 08:56 EDT
As previously reported, BofA/Merrill upgraded AutoZone to Buy from Neutral with an $865 price target. The firm raised estimates on a higher comp outlook, saying it expects strength in miles driven due to lower fuel prices and increased employment. BofA/Merrill expects distribution initiatives to increase parts availability, especially in commercial, where the company is under-penetrated. The firm sees strong industry trends ahead and comp growth of 3.3% over the next few years, which should narrow the valuation gap versus peers.
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