Goldman Sachs Upgrades AutoZone (AZO) to Conviction Buy, Sees 15% Upside

Goldman Sachs upgraded AutoZone (NYSE: AZO) from Neutral to Conviction Buy and raised their price target from $405 to $435, suggesting 15% upside.

The firm said the company's commercial ramp "represents one of the single biggest predictable revenue drivers at any company in our coverage." Goldman also said the company is well positioned to meet or exceed expectations and valuation is compelling. Lastly, Goldman said AZO is the "right kind of idea for new money after a period of sharp retail outperformance, with limited evidence of macro support for a sustained acceleration in spending."

Goldman raised May quarter EPS to $6.34 from $6.24, FY12 to $23.70 from
$23.55; FY13 to $27.60 from $27.45; and, FY14 to $30.35 from $30.00

For an analyst ratings summary and ratings history on AutoZone click here. For more ratings news on AutoZone click here.

Shares of AutoZone closed at $378.72 yesterday.

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