UPDATE: Oppenheimer Upgrades AutoZone (AZO) to Outperform

(updated to add price target and analyst comment)

Oppenheimer analyst Brian Nagel upgraded AutoZone (NYSE: AZO) from Perform to Outperform, pric etarget $1,225.00 (from $900.00).

The analyst comments "Last week, at our 19th Annual OpCo Consumer Growth & eCommerce Conference in Boston, we spent considerable time with senior leadership of AZO. We are now incrementally optimistic in the underlying potential for shares. Nearer-term, unfavorable weather and elevated investment spending could represent challenges for AZO. That said, over the intermediate to longer-term, sustained outsized commercial sales expansion should serve as an increasingly meaningful overall fundamental driver for the chain and a catalyst to close further the multiple gap between shares of AZO and those of its historically better positioned competitors."

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 $1084.08 yesterday.

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