AutoZone upgraded to Buy from Neutral at UBS

UBS analyst Michael Lasser upgraded AutoZone to Buy from Neutral with a price target of $2,900, up from $2,800. The analyst thinks the current valuation has created an attractive buying opportunity. The stock’s multiple has compressed in response to the perception that AutoZone’s commercial prospects have dimmed and the fear that the sector will see more price competition, the analyst tells investors in a research note. However, the firm believes that as the company shows evidence it can successfully navigate through these risks, its shares could rally.