Barclays lowered the firm’s price target on AutoZone (AZO) to $2,779 from $2,800 and keeps an Overweight rating on the shares. Read-through from O’Reilly Automotive (ORLY) and other industry data points suggest weaker trends quarter-to-date, and overall slower baseline demand excluding weather, the analyst tells investors in a research note. The firm says AutoZone has some offsets though and should have better news by the time it reports Q2, but that it expects consensus numbers to come down.
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