JPMorgan lowered the firm’s price target on AutoZone (AZO) to $4,100 from $4,850 and keeps an Overweight rating on the shares. The firm also removed AutoZone from its Analyst Focus List. Last week’s earnings report disappointed as sales were softer than expected and the company’s spending to accelerate store growth continues to persist longer than previously referenced, the analyst tells investors in a research note. In addition, weather is expected to turn into a “potentially significant headwind” in January as AutoZone laps two polar vortexes, adds JPMorgan.
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