BUZZ-Wells Fargo raises Autozone PT on longer term growth opportunities
Wells Fargo has raised Autozone's price target, citing attractive category dynamics and rising shareholder returns. The new price target indicates an 8.5% upside from the stock's last close. The brokerage highlights long-term growth opportunities in Autozone's under-indexed commercial business, international presence in Mexico and Brazil, and online sales. Autozone shares rose 0.76% in morning trading, with 22 of 29 brokerages rating the stock as "buy" or higher. Year-to-date, Autozone shares are up 23%.
Wells Fargo raises auto parts maker Autozone’s (AZO.N) PT to $3450 from $3400; maintains “overweight” rating
“Attractive category dynamics and rising shareholder returns drive our Overweight view, and we see potential for a return to share gains, sustainable strong margins and elevated buyback activity,” says brokerage
New PT is a 8.5% upside to stock’s last close
Brokerage says there are longer term growth opportunities via AZO’s “under-indexed” commercial business, international footprint in Mexico and Brazil, and budding online sales platform
AZO shares up 0.76% in morning trade
Twenty-two of 29 brokerages rate the stock “buy” or higher, 6 “hold” and 1 “sell”; their median PT is $3420.22 - LSEG data
Up to last close, AZO up 23% YTD
