tiprankstipranks
AutoZone price target raised to $2,850 from $2,450 at Wells Fargo
The Fly

AutoZone price target raised to $2,850 from $2,450 at Wells Fargo

Wells Fargo analyst Zachary Fadem raised the firm’s price target on AutoZone to $2,850 from $2,450 and keeps an Overweight rating on the shares. The analyst notes that while AutoZone’s shares have nicely outperformed, he is staying in the AutoZone lane into Q1/2023. Industry dynamics are proving resilient, AutoZone is clearly taking share, and post recent management meetings, Fadem sees reasons for 2023 upside via DIY volume normalization, double-digit percentage Commercial growth, and second half of the year margin recovery as first half LIFO headwinds ultimately prove better than feared, in his view. Per his checks, incremental Q1 inflation ticked up +2.6% quarter-over-quarter, DIFM share gains likely continued, and the analyst views his +4% comp estimate "nicely achievable" with upside via potentially stabilizing DIY demand.

Published first on TheFly

See the top stocks recommended by analysts >>

Read More on AZO:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles