Breaking News

DA Davidson analyst Michael Baker raised the firm's price target on AutoZone to $2,360 from $1,950 but keeps a Neutral rating on the shares after its Q1 earnings beat. The company saw improving trends in their retail business along with double digit growth in commercial, which slowed but continues to show strong share gains, the analyst tells investors in a research note. Baker adds however that operating profits were down year over year, which led to a bit of a pause in the stock after strong year to date outperformance.

MKM Partners analyst David Bellinger raised the firm's price target on AutoZone to $2,650 from $2,350 and keeps a Buy rating on the shares. The 3% stock price decline after the company's Q1 earnings beat was a "sell the news" event, with shares significantly outperforming year-to-date, the analyst tells investors in a research note. Bellinger continues to see consistent comp sales gains through the balance of the year for AutoZone as DIY segment trends have firmed up, along with the potential for gross margins to rebound in the back half now that elevated freight/LIFO charges seem to be fading off.

Evercore ISI analyst Greg Melich is removing AutoZone from the firm's "Tactical Outperform" list, noting that the stock is up 1% since he put on the call on November 10 versus the S&P being flat and the SP Retail Index being up 1%. Melich has an In Line rating on AutoZone with a $2,440 price target, down from a prior $2,520. The lower target reflects "the reality that even" AutoZone do-it-for-me business "can't escape the law of large numbers, with growth moderating to LDD-Mid-teens vs. the prior 20%+ run-rate," Melich stated.

Citi analyst Steven Zaccone raised the firm's price target on AutoZone to $2,782 from $2,520 and keeps a Buy rating on the shares. The analyst came away more positive on AutoZone post the Q3 earnings report. The business is seeing steady momentum and the LIFO headwind is proving to be less severe than initial guidance, Zaccone tells investors in a research note. The analyst likes the shares at current levels.

UBS analyst Michael Lasser raised the firm's price target on AutoZone to $2,540 from $2,260 but keeps a Neutral rating on the shares. The company's Q1 earnings beat showed "resiliency of business" and reflect a retailer that is "as reliable as one might find in the sector", the analyst tells investors in a research note. Lasser adds that in the DIFM segment, AutoZone's growth was below 20% for the first time in six quarters, though it accelerated about 90bps sequentially on a 3-year CAGR to 18.5%. The analyst notes however that the stock will still offer a "better entry point" in keeping a neutral stance.