Evercore ISI raised the firm’s price target on AutoZone to $2,750 from $2,740 and keeps an Outperform rating on the shares. AutoZone “proved to be a fade all year,” with fiscal Q4 “the slowest quarter of all,” but Evercore believes AutoZone’s “sideways correction could be approaching the end,” the analyst tells investors in a post-earnings note. With newer auto affordability “being crushed” by higher rates and supply side inflation, a normal winter, and continued aging of the vehicle fleet, Evercore thinks a modest comp pickup in 2024 could reaccelerate EBIT growth, the analyst says.
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