Fly News Breaks for March 4, 2020
Mar 4, 2020 | 09:04 EDT
RBC Capital analyst Scot Ciccarelli lowered the firm's price target on AutoZone to $1,091 from $1,211 and keeps a Sector Perform rating on the shares after its mixed Q2 results. The analyst notes that the quarter is typically volatile and this year's results were impacted by warm winter weather, with overall margins comping in solid but weather-sensitive categories declining by about 20% in the last 2 weeks of the period. Ciccarelli adds that AutoZone's heavier exposure to retail keeps him at neutral, even though he expects trends to improve over the next few quarters.
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