AutoZone price target lowered to $3,200 from $3,400 at Wedbush

Wedbush lowered the firm’s price target on AutoZone to $3,200 from $3,400 and keeps an Outperform rating on the shares. The firm notes AutoZone reported Q3 results that missed expectations on the top-line but modestly beat expectations on the bottom-line. Wedbush’s concern into the print of soft DIY and Commercial sales were validated, with flat Domestic comps. While a late start to tax refund season and unfavorable weather undoubtedly weighed on results, their impact does not explain persistently weak Commercial sales against easier comparisons, Wedbush adds.