Wells Fargo raised the firm’s price target on AutoZone (AZO) to $4,200 from $3,850 and keeps an Overweight rating on the shares. Sentiment has improved and the firm sees accelerating Q3 comparable, DIY/DIFM momentum and upward revision potential. Wells keeps an eye on gross margin/LIFO comments into likely re-inflation, but category drivers are healthy, AutoZone momentum returning and price to earnings materially lags O’Reilly Automotive (ORLY).
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