AutoZone (AZO) PT Raised To $1050 At Barclays After 17% EPS Beat
Barclays analyst, Matthew McClintock, reiterated his Overweight rating on shares of AutoZone (NYSE: AZO) and raised his price target to $1,050 from $950 on the belief that long term investments are starting to pay dividends, primarily evidenced by the commercial business. The company reported 2Q19 EPS of $11.49 vs. expectations of $9.81 due to better than expected comp store sales and gross margin expansion.
The analyst stated "we believe AZO has a solid degree of momentum going into the spring selling season driven by weather related demand for maintenance products as well as the potential for tax refunds. We are increasing our FY19 and FY20 EPS estimates to $61.20 and $64.95 from $59.05 and $63.25 respectively".
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 $935.00 yesterday.