Mizuho analyst David Bellinger downgraded AutoZone (AZO) to Neutral from Outperform with a price target of $3,550, down from $3,850. The firm views consensus estimates as “currently misaligned and overly optimistic” following the company’s fiscal Q1 miss. AutoZone’s elevated spending growth is “only beginning,” the analyst tells investors in a research note. Mizuho says the company’s cost of doing business is “moving structurally higher.”
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