Argus raised the firm’s price target on AutoZone to $3,300 from $3,016 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 15 straight quarters, while its management is taking steps to increase commercial sales, including adding new ‘mega-hub’ locations that offer a greater assortment of parts, the analyst tells investors in a research note. Argus added that it sees opportunities for further growth at AutoZone as the average age of vehicles increases, the company gains share in the commercial segment, and its international sales rise.
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