AutoZone price target raised to $3,500 from $3,340 at UBS

UBS raised the firm’s price target on AutoZone to $3,500 from $3,340 and keeps a Buy rating on the shares. AutoZone’s Q4 print didn’t really change the underlying foundation of the constructive thesis on the shares, which remains that the company can sustain mid-single digit operating income growth that is complemented by a mid-single reduction in its share count to drive double digit EPS growth, the analyst tells investors in a research note.