Wedbush Remains Bullish on AutoZone (AZO) Following 4Q Report
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Wedbush reiterated an Outperform rating and $870.00 price target on AutoZone (NYSE: AZO) following the company's 4Q earnings report. AZO reported domestic comps of 1.0%, below consensus 2.0% but roughly in line with buy side expectations.
Analyst Seth Basham commented, "AZO delivered a quarter largely in line with buy side expectations. While slowing commercial sales growth at AZO and increased online consumer activity bear watching, these issues take a back seat to other industry drivers near-term. Hangover effects from a mild winter have depressed industry sales in recent months, but AZO’s sequential improvement in comp trends each month of its quarter suggests this pressure is subsiding. Improving trends and expected more normal winter weather ahead bodes favorably for AZO and peers. That, coupled with continued progress on inventory availability and sourcing initiatives provide visibility for continued double-digit EPS growth at AZO, leading us to maintain our OUTPERFORM rating."
Shares of AutoZone closed at $748.23 yesterday.
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