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Fly News Breaks for March 4, 2020
Mar 4, 2020 | 07:54 EDT
Wedbush analyst Seth Basham lowered the firm's price target on AutoZone to $1,100 from $1,225 and keeps a Neutral rating on the shares. The analyst notes that the company reported Q2 results that beat on EPS, but sharply missed on comps, primarily due to unfavorable winter weather than spanned the length of AutoZone's quarter, a calendar shift headwind and a slow start to tax refunds. Basham believes comp trends have bounced sharply to start Q3, and underlying industry drivers remain intact. Yet, even if Commercial sales growth returns to double digits, he believes it will be challenging for AutoZone to drive 3%-plus comps for the balance of the fiscal year as comparisons toughen. Coronavirus adds supply and demand risks, but the analyst sees it as manageable at this point.
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