Morgan Stanley Issues Positive Forecast for AutoZone (NYSE:AZO) Stock Price

AutoZone (NYSE:AZO) had its price target raised by Morgan Stanley from $3,490.00 to $3,750.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also commented on AZO. BMO Capital Markets assumed coverage on shares of AutoZone in a research report on Friday, December 13th. They set an “outperform” rating and a $3,700.00 price target for the company. Guggenheim increased their target price on AutoZone from $3,350.00 to $3,750.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Evercore ISI boosted their price target on AutoZone from $3,400.00 to $3,450.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Citigroup upped their price target on AutoZone from $3,500.00 to $3,900.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Finally, Truist Financial lifted their price objective on AutoZone from $3,501.00 to $3,753.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, fifteen have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AutoZone currently has an average rating of “Moderate Buy” and an average price target of $3,646.62.

AutoZone Stock Up 2.8 %

Shares of NYSE:AZO opened at $3,569.49 on Wednesday. The company has a market cap of $59.90 billion, a P/E ratio of 23.85, a P/E/G ratio of 1.86 and a beta of 0.71. The business has a fifty day simple moving average of $3,351.07 and a 200-day simple moving average of $3,223.79. AutoZone has a 52 week low of $2,728.97 and a 52 week high of $3,570.50.

AutoZone (NYSE:AZO) last posted its quarterly earnings results on Tuesday, March 4th. The company reported $28.29 EPS for the quarter, missing the consensus estimate of $29.11 by ($0.82). The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.98 billion. AutoZone had a net margin of 14.18% and a negative return on equity of 53.89%. Sell-side analysts expect that AutoZone will post 152.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AZO. Headlands Technologies LLC purchased a new stake in AutoZone during the 4th quarter worth approximately $29,000. Flagship Wealth Advisors LLC acquired a new stake in shares of AutoZone during the fourth quarter worth approximately $32,000. Harbour Investments Inc. grew its position in shares of AutoZone by 42.9% during the fourth quarter. Harbour Investments Inc. now owns 10 shares of the company’s stock worth $32,000 after buying an additional 3 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of AutoZone in the third quarter worth $36,000. Finally, Minot DeBlois Advisors LLC acquired a new stake in AutoZone in the fourth quarter valued at $45,000. Institutional investors and hedge funds own 92.74% of the company’s stock.

AutoZone Company Profile

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.