AutoZone price target raised to $4,800 from $4,200 at Wells Fargo

Wells Fargo raised the firm’s price target on AutoZone (AZO) to $4,800 from $4,200 and keeps an Overweight rating on the shares. The firm notes shares are up 35% year-to-date, expectations are high and “defensive” winners have less torque in an easing rate cycle. But Q4 results are likely to prove strong with +low double-digit DIFM gains and upward revision potential. Wells is still constructive.