Bank of America Issues Positive Forecast for AutoZone (NYSE:AZO) Stock Price

AutoZone (NYSE:AZO) had its price target upped by Bank of America from $3,600.00 to $3,700.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities research analysts have also issued reports about the company. DA Davidson raised their price objective on AutoZone from $3,350.00 to $3,500.00 and gave the stock a “neutral” rating in a research report on Wednesday. Morgan Stanley raised their price target on shares of AutoZone from $3,490.00 to $3,750.00 and gave the stock an “overweight” rating in a report on Wednesday. TD Cowen upped their price objective on shares of AutoZone from $3,450.00 to $3,800.00 and gave the company a “buy” rating in a research note on Monday, December 16th. JPMorgan Chase & Co. lifted their target price on shares of AutoZone from $3,775.00 to $3,830.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Evercore ISI upped their price target on shares of AutoZone from $3,525.00 to $3,700.00 and gave the stock an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fifteen have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, AutoZone presently has a consensus rating of “Moderate Buy” and a consensus price target of $3,646.62.

AutoZone Price Performance

AZO stock opened at $3,569.49 on Wednesday. The firm has a market capitalization 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. AutoZone has a 52-week low of $2,728.97 and a 52-week high of $3,570.50. The company’s 50 day simple moving average is $3,351.07 and its 200-day simple moving average is $3,223.79.

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

Hedge Funds Weigh In On AutoZone

Several large investors have recently made changes to their positions in the business. Headlands Technologies LLC bought a new position in AutoZone in the 4th quarter worth approximately $29,000. Flagship Wealth Advisors LLC acquired a new stake in shares of AutoZone in the fourth quarter worth $32,000. Harbour Investments Inc. increased its position in AutoZone by 42.9% during the fourth quarter. Harbour Investments Inc. now owns 10 shares of the company’s stock worth $32,000 after acquiring an additional 3 shares during the period. Capital Performance Advisors LLP acquired a new position in AutoZone during the 3rd quarter valued at $36,000. Finally, Minot DeBlois Advisors LLC bought a new stake in AutoZone in the 4th quarter valued at $45,000. Institutional investors and hedge funds 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.