AutoZone price target lowered to $3,394 from $3,523 at Truist

Truist analyst Scot Ciccarelli lowered the firm’s price target on AutoZone to $3,394 from $3,523 but keeps a Buy rating on the shares after its Q3 results. The company’s domestic comps were below expectations, but the Street was largely braced for this result, which is being driven by slower sales of discretionary products and reluctance to purchase bigger ticket goods, the analyst tells investors in a research note. AutoZone profitability remains strong in the face of sluggish sales however, and Truist remains confident that sales growth will reaccelerate over time, the firm added.