Truist lowered the firm’s price target on AutoZone (AZO) to $4,499 from $4,504 but keeps a Buy rating on the shares. The company’s Q4 earnings miss was driven by the negative margin impact from LIFO charges, but trends improved through the quarter and the exit rate was strong due in part to rising same-SKU inflation that is expected to persist, the analyst tells investors in a research note. Given the needs-based nature of auto part retail, AutoZone should be able to continue to pass through price with little elasticity, boosting sales and earnings, the firm added.
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Read More on AZO:
- AutoZone price target lowered to $4,800 from $4,900 at Raymond James
- AutoZone price target raised to $4,600 from $4,100 at Guggenheim
- AutoZone price target raised to $4,700 from $4,000 at Morgan Stanley
- AutoZone price target lowered to $4,800 from $4,925 at UBS
- AutoZone price target lowered to $4,700 from $4,800 at Wells Fargo