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Fly News Breaks for August 1, 2018
AZO
Aug 1, 2018 | 09:07 EDT
Deutsche Bank analyst Mike Baker upgraded AutoZone (AZO) to Buy from Hold and raised his price target for the shares to $805 from $675. Improving comps and fundamentals, coupled with a stock that has underperformed year-to-date, has brought a "compelling" valuation, Baker tells investors in a research note. Further, AutoZone's gross margins more resilient than thought as the Amazon (AMZN) threat is not yet showing up, the analyst adds. He believes rising costs are already in the company's estimates.
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