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Fly News Breaks for March 4, 2020
Mar 4, 2020 | 06:15 EDT
Nomura Instinet analyst Michael Baker lowered the firm's price target on AutoZone to $1,200 from $1,345 and keeps a Buy rating on the shares. The analyst thinks AutoZone did a good job of providing enough details to highlight the Q2 miss was largely a weather issue. The calendar shift, which was supposed to help, also hurt, because the shifted week, which is usually high volume, was hurt by weather, Baker tells investors in a research note. As a result, the analyst expects AutoZone's comps to bounce back.
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