Resilient Amid Macro Headwinds: Analyst Elevates AutoZone's Rating, Anticipating Upside
Portfolio Pulse from Nabaparna Bhattacharya
Evercore ISI analyst Greg Melich upgrades AutoZone (NYSE:AZO) from In-Line to Outperform, raising the price target from $2,640 to $2,700. The analyst cites favorable industry drivers, strong web traffic gains, and an attractive entry point after a 6% price decline since reporting quarterly results.
June 12, 2023 | 5:04 pm
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POSITIVE IMPACT
AutoZone upgraded to Outperform by Evercore ISI analyst, with a raised price target of $2,700. Favorable industry drivers and strong web traffic gains contribute to the positive outlook.
The analyst's upgrade to Outperform and raised price target indicate a positive outlook for AutoZone. Favorable industry drivers, such as record age of vehicle fleet, above average inflation, rising miles driven, and favorable trade-down positioning, contribute to the positive sentiment. Additionally, strong web traffic gains and an attractive entry point after a 6% price decline since reporting quarterly results further support the positive short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100