Nomura Securities Maintains a 'Buy' on AutoZone (AZO); Q1 Preview

Nomura Securities maintains a 'Buy' on AutoZone (NYSE: AZO) price target raised from $363 to $395.

Nomura analyst, Aram Rubinson, said, "AZO delivered strong Q1 (November) results, outperforming expectations throughout the P&L. We were especially pleased that comp performance was relatively consistent within the quarter; the variance was only 1.5% across periods. AZO’s steady, predictable performance (and its ability to grow in a defensible business) is a large part of what makes us so positive on the name. We are raising our F2012 EPS estimate to $23.90 (from $23.75) and our F2013 EPS estimate to $29.45 (from $29.30). Given the predictability of AZO’s business, we are increasing our multiple from 8.5x to 9.0x our F2013 EBITDA."

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 $337.81 yesterday.

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