Citigroup Cuts AutoZone (NYSE:AZO) Price Target to $3,700.00

Key Points

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AutoZone (NYSE:AZO - Get Free Report) had its price target dropped by equities researchers at Citigroup from $4,300.00 to $3,700.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective would indicate a potential upside of 21.16% from the company's current price.

Several other equities analysts have also recently commented on the stock. Argus raised AutoZone from a "hold" rating to a "buy" rating and set a $4,325.00 target price on the stock in a research report on Monday, March 9th. Truist Financial lowered their price objective on AutoZone from $4,076.00 to $4,045.00 and set a "buy" rating on the stock in a research report on Wednesday, March 4th. Evercore restated an "outperform" rating on shares of AutoZone in a research note on Tuesday. DA Davidson reaffirmed a "buy" rating and set a $4,300.00 price objective on shares of AutoZone in a report on Wednesday. Finally, Robert W. Baird lowered their target price on shares of AutoZone from $3,900.00 to $3,600.00 and set a "neutral" rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, AutoZone currently has an average rating of "Moderate Buy" and a consensus target price of $4,099.83.

AutoZone Price Performance

NYSE:AZO traded down $46.36 during midday trading on Wednesday, reaching $3,053.75. The stock had a trading volume of 20,426 shares, compared to its average volume of 191,540. The stock has a market capitalization of $50.32 billion, a P/E ratio of 21.39, a PEG ratio of 1.74 and a beta of 0.43. AutoZone has a 1-year low of $3,001.00 and a 1-year high of $4,388.11. The firm's fifty day simple moving average is $3,448.20 and its 200-day simple moving average is $3,579.65.

AutoZone (NYSE:AZO - Get Free Report) last released its quarterly earnings results on Tuesday, May 26th. The company reported $38.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $36.22 by $1.85. The company had revenue of $4.84 billion during the quarter, compared to analysts' expectations of $4.86 billion. AutoZone had a net margin of 12.47% and a negative return on equity of 72.31%. The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $35.36 earnings per share. On average, equities research analysts anticipate that AutoZone will post 149.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Earl G. Graves, Jr. sold 50 shares of the business's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $3,478.72, for a total transaction of $173,936.00. Following the transaction, the director directly owned 4,837 shares in the company, valued at $16,826,568.64. The trade was a 1.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On AutoZone

A number of institutional investors have recently modified their holdings of AZO. Norges Bank acquired a new stake in AutoZone in the fourth quarter valued at $939,205,000. Morgan Stanley grew its stake in AutoZone by 17.8% during the fourth quarter. Morgan Stanley now owns 492,794 shares of the company's stock worth $1,671,323,000 after purchasing an additional 74,555 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in AutoZone by 387.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the company's stock worth $263,832,000 after purchasing an additional 61,821 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in AutoZone by 39.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 176,986 shares of the company's stock valued at $584,730,000 after buying an additional 50,071 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of AutoZone by 80.8% during the 3rd quarter. AQR Capital Management LLC now owns 101,185 shares of the company's stock worth $432,059,000 after buying an additional 45,212 shares in the last quarter. Institutional investors own 92.74% of the company's stock.

Key AutoZone News

Here are the key news stories impacting AutoZone this week:

• Positive Sentiment: AutoZone reported fiscal Q3 EPS of $38.07, ahead of consensus estimates, and revenue rose 8.4% year over year to $4.84 billion, with same-store sales up 3.9% companywide and 4.1% domestically. Article Title
• Positive Sentiment: Domestic growth and commercial expansion remained strong, and management said the repair business stayed resilient even as consumers cut back elsewhere. Article Title
• Neutral Sentiment: AutoZone announced a partnership with Google Cloud, which could support longer-term operational and digital initiatives, but it was not the main driver of the stock move. Article Title
• Neutral Sentiment: Several analysts cut price targets after the report, including BMO Capital Markets to $4,000 and Robert W. Baird to $3,600, signaling some caution but still implying upside from recent levels. Article Title
• Negative Sentiment: The stock fell sharply after the company missed revenue expectations, and multiple reports pointed to margin pressure, including a non-cash LIFO impact, as well as softer international results. Article Title

About AutoZone

AutoZone, Inc NYSE: AZO is a retailer and distributor of automotive replacement parts and accessories. Headquartered in Memphis, Tennessee, the company supplies a wide range of aftermarket components, maintenance items and accessories for passenger cars, light trucks and commercial vehicles. Its product assortment includes engine parts, electrical components, batteries, brakes, filters, fluids and interior and exterior accessories, supported by inventory management and logistics systems to serve retail customers and professional service providers.

AutoZone serves both do‑it‑yourself (DIY) consumers and commercial customers such as independent repair shops and service centers.

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