Barclays Forecasts Strong Price Appreciation for AutoZone (NYSE:AZO) Stock

AutoZone (NYSE:AZO) had its price target increased by equities researchers at Barclays from $3,024.00 to $3,585.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 10.09% from the company’s current price.

Other research analysts also recently issued research reports about the company. Truist Financial lifted their price target on AutoZone from $3,501.00 to $3,753.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Morgan Stanley lifted their target price on AutoZone from $3,038.00 to $3,125.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. TD Cowen increased their price target on shares of AutoZone from $3,450.00 to $3,800.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. BMO Capital Markets started coverage on shares of AutoZone in a research report on Friday, December 13th. They set an “outperform” rating and a $3,700.00 price objective on the stock. Finally, The Goldman Sachs Group downgraded shares of AutoZone from a “buy” rating to a “sell” rating and cut their target price for the stock from $3,205.00 to $2,917.00 in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3,429.84.

AutoZone Price Performance

Shares of AZO opened at $3,256.42 on Thursday. The company has a 50-day moving average of $3,212.55 and a two-hundred day moving average of $3,122.56. The stock has a market cap of $54.65 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 1.73 and a beta of 0.71. AutoZone has a one year low of $2,512.61 and a one year high of $3,416.71.

AutoZone (NYSE:AZO) last posted its quarterly earnings data on Tuesday, December 10th. The company reported $32.52 EPS for the quarter, missing analysts’ consensus estimates of $33.69 by ($1.17). AutoZone had a negative return on equity of 53.89% and a net margin of 14.18%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same period in the prior year, the business posted $32.55 EPS. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Analysts anticipate that AutoZone will post 154.29 earnings per share for the current year.

Hedge Funds Weigh In On AutoZone

Institutional investors have recently modified their holdings of the company. Private Advisor Group LLC raised its holdings in AutoZone by 4.4% in the 2nd quarter. Private Advisor Group LLC now owns 614 shares of the company’s stock worth $1,820,000 after acquiring an additional 26 shares during the period. Acadian Asset Management LLC boosted its stake in AutoZone by 24.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,809 shares of the company’s stock valued at $5,356,000 after purchasing an additional 354 shares during the period. Choreo LLC boosted its stake in AutoZone by 163.2% during the 2nd quarter. Choreo LLC now owns 508 shares of the company’s stock valued at $1,443,000 after purchasing an additional 315 shares during the period. Dorsey & Whitney Trust CO LLC boosted its stake in AutoZone by 2.3% during the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 266 shares of the company’s stock valued at $788,000 after purchasing an additional 6 shares during the period. Finally, Royal London Asset Management Ltd. grew its holdings in AutoZone by 1.4% in the 2nd quarter. Royal London Asset Management Ltd. now owns 7,929 shares of the company’s stock valued at $23,502,000 after buying an additional 107 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.