Truist Securities Begins Coverage on AutoZone (NYSE:AZO)

Truist Securities started coverage on shares of AutoZone (NYSE:AZO) in a research report issued on Thursday, Price Targets.com reports. The firm set a “buy” rating and a $2,329.00 price target on the stock. Truist Securities’ target price points to a potential upside of 14.53% from the company’s previous close. Truist Securities also issued estimates for AutoZone’s Q2 2022 earnings at $17.64 EPS, Q3 2022 earnings at $25.88 EPS, Q4 2022 earnings at $39.11 EPS, FY2022 earnings at $108.00 EPS, Q1 2023 earnings at $27.97 EPS, Q2 2023 earnings at $19.71 EPS, Q3 2023 earnings at $28.71 EPS, Q4 2023 earnings at $43.28 EPS, FY2023 earnings at $119.30 EPS, Q1 2024 earnings at $31.14 EPS and FY2024 earnings at $132.25 EPS.

Other analysts also recently issued research reports about the company. The Goldman Sachs Group raised their price target on AutoZone from $1,779.00 to $2,045.00 and gave the stock a “neutral” rating in a report on Wednesday, December 8th. UBS Group downgraded AutoZone from a “buy” rating to a “neutral” rating and set a $2,300.00 price target on the stock. in a report on Friday, January 7th. Citigroup raised their price target on AutoZone from $1,950.00 to $2,332.00 and gave the stock a “buy” rating in a report on Wednesday, December 8th. Stephens raised their price target on AutoZone from $1,850.00 to $2,210.00 and gave the stock an “overweight” rating in a report on Wednesday, December 8th. Finally, Morgan Stanley raised their target price on AutoZone from $1,710.00 to $2,050.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, AutoZone has an average rating of “Buy” and a consensus target price of $2,038.74.

NYSE:AZO opened at $2,033.48 on Thursday. The business’s 50 day moving average is $1,959.51 and its two-hundred day moving average is $1,750.97. AutoZone has a 52 week low of $1,111.71 and a 52 week high of $2,110.00. The company has a market cap of $41.96 billion, a PE ratio of 19.78, a P/E/G ratio of 1.73 and a beta of 0.88.

AutoZone (NYSE:AZO) last released its earnings results on Tuesday, December 7th. The company reported $25.69 EPS for the quarter, topping analysts’ consensus estimates of $20.87 by $4.82. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.38 billion. AutoZone had a negative return on equity of 126.68% and a net margin of 15.08%. AutoZone’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same quarter last year, the business posted $18.61 EPS. Analysts anticipate that AutoZone will post 107.35 earnings per share for the current fiscal year.

In other news, EVP Philip B. Daniele sold 1,180 shares of AutoZone stock in a transaction on Friday, October 22nd. The stock was sold at an average price of $1,827.11, for a total transaction of $2,155,989.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director George R. Mrkonic, Jr. sold 217 shares of the firm’s stock in a transaction on Tuesday, January 4th. The stock was sold at an average price of $2,046.87, for a total value of $444,170.79. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,525 shares of company stock worth $20,958,078. 2.60% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. D Orazio & Associates Inc. bought a new stake in shares of AutoZone during the 3rd quarter worth $25,000. Tacita Capital Inc acquired a new stake in shares of AutoZone in the second quarter worth $45,000. Vigilant Capital Management LLC boosted its position in shares of AutoZone by 39.1% in the third quarter. Vigilant Capital Management LLC now owns 32 shares of the company’s stock worth $54,000 after buying an additional 9 shares during the period. Global Retirement Partners LLC boosted its position in shares of AutoZone by 22.6% in the third quarter. Global Retirement Partners LLC now owns 38 shares of the company’s stock worth $65,000 after buying an additional 7 shares during the period. Finally, Trustcore Financial Services LLC boosted its position in shares of AutoZone by 122.7% in the third quarter. Trustcore Financial Services LLC now owns 49 shares of the company’s stock worth $83,000 after buying an additional 27 shares during the period. 91.01% of the stock is owned by institutional investors and hedge funds.

AutoZone Company Profile

AutoZone, Inc engages in the retail and distribution of automotive replacement parts and accessories. The firm offers ALLDATA, which produces, sells, and maintains diagnostic and repair information software used in the automotive repair industry and E-commerce, which includes direct sales to customers.

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Analyst Recommendations for AutoZone (NYSE:AZO)

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