Argus raised the firm’s price target on AutoZone to $2,920 from $2,775 and keeps a Buy rating on the shares. The company’s earnings have rebounded from their pandemic lows and have now topped Street expectations for 13 straight quarters, the analyst tells investors in a research note, adding that its management is taking steps to increase commercial sales, including adding new ‘mega-hub’ locations that offer a greater assortment of parts. Argus also notes that it sees opportunities for further growth as the average age of vehicles increases, the company gains share in the commercial segment and international sales increase.
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