UBS analyst Michael Lasser raised the firm’s price target on AutoZone to $2,540 from $2,260 but keeps a Neutral rating on the shares. The company’s Q1 earnings beat showed "resiliency of business" and reflect a retailer that is "as reliable as one might find in the sector", the analyst tells investors in a research note. Lasser adds that in the DIFM segment, AutoZone’s growth was below 20% for the first time in six quarters, though it accelerated about 90bps sequentially on a 3-year CAGR to 18.5%. The analyst notes however that the stock will still offer a "better entry point" in keeping a neutral stance.
Published first on TheFly
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