Evercore ISI analyst Greg Melich is removing AutoZone from the firm’s "Tactical Outperform" list, noting that the stock is up 1% since he put on the call on November 10 versus the S&P being flat and the SP Retail Index being up 1%. Melich has an In Line rating on AutoZone with a $2,440 price target, down from a prior $2,520. The lower target reflects "the reality that even" AutoZone do-it-for-me business "can’t escape the law of large numbers, with growth moderating to LDD-Mid-teens vs. the prior 20%+ run-rate," Melich stated.
Published first on TheFly
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