JPMorgan Chase & Co. Forecasts Strong Price Appreciation for AutoZone (NYSE:AZO) Stock

Key Points

• JPMorgan Chase & Co. has raised its target price for AutoZone (NYSE:AZO) stock from $4,200 to $4,850, predicting a 13.94% upside from its last close, and maintaining an "overweight" rating.
• Other analysts have also reported positive developments, with Mizuho and Bank of America increasing their price targets for AutoZone, reflecting a consensus rating of "Buy" across numerous firms.
• Despite strong ratings, AutoZone shares recently traded down by 1.5% during market hours, with the stock currently priced at $4,256.46.

AutoZone (NYSE:AZO - Get Free Report) had its target price hoisted by stock analysts at JPMorgan Chase & Co. from $4,200.00 to $4,850.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 13.94% from the stock's previous close.

A number of other equities research analysts also recently commented on AZO. Mizuho lifted their target price on AutoZone from $3,740.00 to $4,050.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. Bank of America upgraded AutoZone from a "neutral" rating to a "buy" rating and increased their price target for the stock from $3,900.00 to $4,800.00 in a report on Wednesday, May 21st. DA Davidson increased their price target on AutoZone from $4,192.00 to $4,850.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Morgan Stanley reiterated an "overweight" rating and set a $4,000.00 price target (up from $3,750.00) on shares of AutoZone in a report on Wednesday, May 28th. Finally, Evercore ISI increased their price target on AutoZone from $4,060.00 to $4,250.00 and gave the stock an "outperform" rating in a report on Monday, August 18th. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $4,281.76.

AutoZone Trading Down 1.5%

NYSE:AZO traded down $65.69 during trading hours on Monday, hitting $4,256.46. 22,438 shares of the stock were exchanged, compared to its average volume of 127,848. AutoZone has a 52-week low of $2,898.57 and a 52-week high of $4,388.11. The firm's fifty day moving average price is $3,989.84 and its 200 day moving average price is $3,778.43. The company has a market cap of $71.42 billion, a P/E ratio of 28.83, a P/E/G ratio of 2.28 and a beta of 0.41.

Insider Activity

In other AutoZone news, VP Richard Craig Smith sold 3,000 shares of the firm's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $3,875.90, for a total transaction of $11,627,700.00. Following the transaction, the vice president owned 2,925 shares of the company's stock, valued at approximately $11,337,007.50. This trade represents a 50.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP K. Michelle Borninkhof sold 750 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $3,597.13, for a total value of $2,697,847.50. Following the transaction, the senior vice president directly owned 406 shares in the company, valued at approximately $1,460,434.78. The trade was a 64.88% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On AutoZone

Several hedge funds have recently made changes to their positions in AZO. AlphaCore Capital LLC purchased a new position in shares of AutoZone during the first quarter worth about $27,000. Saudi Central Bank purchased a new position in shares of AutoZone during the first quarter worth about $27,000. Aspect Partners LLC grew its holdings in shares of AutoZone by 700.0% during the second quarter. Aspect Partners LLC now owns 8 shares of the company's stock worth $30,000 after buying an additional 7 shares during the last quarter. Bank of Jackson Hole Trust purchased a new position in shares of AutoZone during the second quarter worth about $33,000. Finally, NewSquare Capital LLC grew its holdings in shares of AutoZone by 50.0% during the second quarter. NewSquare Capital LLC now owns 9 shares of the company's stock worth $33,000 after buying an additional 3 shares during the last quarter. Hedge funds and other institutional investors own 92.74% of the company's stock.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.

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