AutoZone price target raised by $200 at Guggenheim, here’s why

Guggenheim raised the firm’s price target on AutoZone to $2,950 from $2,750 and keeps a Buy rating on the shares. Though AutoZone’s Q1 domestic comp performance fell short of expectations, trends improved sequentially during the last four weeks of the quarter, notes the analyst, who points to the benefits of the company’s international growth plans, a better-than–expected gross margin performance and “healthy” expense management for a modest increase to the firm’s 2024 expectations.