BMO Capital lowered the firm’s price target on AutoZone (AZO) to $4,400 from $4,600 and keeps an Outperform rating on the shares. The company’s Q1 results came in below expectations as LIFO charges and higher-than-expected SG&A spend pressured margins, while SSS came in below the Street as DIY trends decelerated, the analyst tells investors in a research note. BMO adds however that the stock pullback is a buying opportunity as it remains confident that AutoZone’s strategic initiatives will continue to drive market share gains.
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