AutoZone price target raised to $4,100 from $3,850 at Guggenheim

Guggenheim raised the firm’s price target on AutoZone (AZO) to $4,100 from $3,850 and keeps a Buy rating on the shares. AutoZone’s Q3 results provide further support for the firm’s thesis based off sequential improvement, as evidenced by an acceleration in both domestic retail and domestic commercial comps, the analyst tells investors in a post-earnings note. Not only does the firm expect strategic investments to drive a sustained acceleration in domestic commercial sales growth, but it argues that “the return of more favorable ticket-related dynamics should help to amplify the company’s out-year secular growth potential.”