Deutsche Bank Upgrades AutoZone (AZO) to Buy; Four Strong Factors Sway Us

Deutsche Bank upgraded AutoZone (NYSE: AZO) from Hold to Buy with a price target of $425.00 (from $385.00).

Deutsche analyst says, "The upgrade is based on four factors: (1) Economic concerns should weigh against new car sales and gas prices are falling, both of which are favorable for AZO’s comps; (2) AZO has the best opportunity for further share gains in commercial which leads to industry leading sales trends; (3) operating margins continue to increase, helped by stable pricing and leverage; and (4) stocks with defensive characteristics should get a higher relative multiple in a difficult macro environment."

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 $375.03 yesterday.

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