JPMorgan analyst Christopher Horvers raised the firm’s price target on AutoZone to $2,975 from $2,950 and keeps an Overweight rating on the shares post the Q4 report. The analyst continues to believe that AutoZone is positioned for comp acceleration and a modest re-rating off of “trough levels.” The firm continues to recommend buying the shares, saying trends should improve over the coming year on improved execution, ongoing supply chain and IT initiatives, and the potential for more favorable winter weather in early 2024.
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