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Fly News Breaks for December 7, 2016
AZO
Dec 7, 2016 | 09:20 EDT
Stephens analyst Ben Bienvenu raised his price target for AutoZone to $900 from $864 following quarterly results. While a lagging effect from the warm winter slightly weighed on Q1 results, the analyst is encouraged by the company's ability to leverage expenses in a tough sales environment. Further, he still believes that AutoZone's investments in its distribution network and parts availability will unlock long-term growth and better position the company to outperform as comps ease after Q2. Bienvenu reiterates an Overweight rating on the shares.
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