Truist Financial Lowers AutoZone (NYSE:AZO) Price Target to $3,817.00

Key Points

• Truist Financial lowered its price target on AutoZone from $4,045 to $3,817, while keeping a Buy rating on the stock. The new target still implies about 25% upside from the prior close.
• AutoZone shares fell 1.5% to $3,053.75 in Tuesday trading, with volume well below average. The stock remains near its 52-week low of $3,001 and well below its 52-week high of $4,388.11.
• AutoZone recently reported strong fiscal Q3 results, including EPS of $38.07 versus the $36.22 estimate and revenue up 8.4% year over year to $4.84 billion. Despite the beat on earnings, several analysts trimmed price targets following the report.

AutoZone (NYSE:AZO - Get Free Report) had its price target reduced by equities researchers at Truist Financial from $4,045.00 to $3,817.00 in a research note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price target suggests a potential upside of 24.99% from the company's previous close.

A number of other research analysts also recently weighed in on the stock. Oppenheimer reaffirmed an "outperform" rating and issued a $4,300.00 target price (up from $4,150.00) on shares of AutoZone in a research report on Tuesday, March 10th. JPMorgan Chase & Co. cut their price target on shares of AutoZone from $4,300.00 to $3,850.00 and set an "overweight" rating on the stock in a research report on Wednesday. The Goldman Sachs Group reduced their price objective on shares of AutoZone from $4,345.00 to $4,096.00 and set a "buy" rating for the company in a research note on Wednesday. BMO Capital Markets lowered their target price on AutoZone from $4,300.00 to $4,000.00 and set an "outperform" rating on the stock in a research report on Wednesday. Finally, Morgan Stanley set a $3,605.00 target price on AutoZone in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, AutoZone presently has an average rating of "Moderate Buy" and an average price target of $4,099.83.

AutoZone Trading Down 1.5%

Shares of AZO stock traded down $46.36 on Tuesday, hitting $3,053.75. 20,426 shares of the stock were exchanged, compared to its average volume of 191,540. The firm has a market capitalization of $50.32 billion, a P/E ratio of 21.39, a price-to-earnings-growth ratio of 1.74 and a beta of 0.43. AutoZone has a fifty-two week low of $3,001.00 and a fifty-two week high of $4,388.11. The business has a 50-day moving average of $3,448.20 and a 200 day moving average of $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 for the quarter, topping analysts' consensus estimates of $36.22 by $1.85. AutoZone had a negative return on equity of 72.31% and a net margin of 12.47%.The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the firm posted $35.36 EPS. The business's revenue was up 8.4% on a year-over-year basis. As a group, research analysts forecast that AutoZone will post 149.16 EPS for the current fiscal year.

Insider Buying and Selling at AutoZone

In other AutoZone news, Director Earl G. Graves, Jr. sold 50 shares of the company's stock in a transaction on Friday, April 10th. The stock was sold at an average price of $3,478.72, for a total value of $173,936.00. Following the transaction, the director directly owned 4,837 shares of the company's stock, valued at $16,826,568.64. This represents a 1.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On AutoZone

A number of hedge funds have recently added to or reduced their stakes in AZO. Brighton Jones LLC increased its position in shares of AutoZone by 14.4% in the fourth quarter. Brighton Jones LLC now owns 111 shares of the company's stock worth $356,000 after purchasing an additional 14 shares during the period. Sivia Capital Partners LLC bought a new stake in AutoZone during the second quarter worth about $356,000. Guggenheim Capital LLC lifted its position in AutoZone by 3.8% during the second quarter. Guggenheim Capital LLC now owns 248 shares of the company's stock worth $921,000 after purchasing an additional 9 shares during the period. NewEdge Advisors LLC grew its stake in AutoZone by 8.9% during the second quarter. NewEdge Advisors LLC now owns 1,376 shares of the company's stock worth $5,110,000 after buying an additional 112 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in AutoZone by 52.3% in the 2nd quarter. Treasurer of the State of North Carolina now owns 11,763 shares of the company's stock valued at $43,667,000 after buying an additional 4,039 shares during the period. Institutional investors own 92.74% of the company's stock.

More 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

AutoZone Company Profile

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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