Oppenheimer analyst Brian Nagel downgraded O'Reilly Automotive (ORLY) 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 (AZO) and O'Reilly Auto 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.
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