UPDATE: Truist Securities Starts AutoZone (AZO) at Buy

Truist Securities analyst Scot Ciccarelli initiates coverage on AutoZone (NYSE: AZO) with a Buy rating and a price target of $2,329.00.

The analyst comments "Long-tailed pandemic-driven consumer behavior shifts should continue to boost auto part sales – We believe the pandemic has caused people to use (and fix/maintain) their existing vehicles more as they avoid public transportation, while more consumers need vehicles due to migration to suburban/rural areas from urban environments. In addition, elevated vehicle prices have caused consumers to maintain/repair their existing vehicles rather than purchasing something different. We think that these trends will continue into the foreseeable future."

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 $2000.98 yesterday.

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