AutoZone downgraded to Perform from Outperform at Oppenheimer

Oppenheimer downgraded AutoZone to Perform from Outperform with a price target of $2,600, down from $2,850. The analyst assumes a “less upbeat stance” on auto parts retail as the focus shifts to 2024. Pandemic-related tailwinds for the group are likely to continue to fade, thereby undermining prospects for sales and earnings upside at the chains and outsized money flows into shares, the analyst tells investors in a research note. The firm says that while current Street forecasts “appear largely reasonable,” it is now “more hard-pressed” to envision multiples for shares climbing meaningfully from current levels.