Citi Reiterates Buy, $377 PT On AutoZone

Citigroup reiterated a buy rating and $377 price target on AutoZone (NYSE: AZO) today ahead of the company's fiscal second-quarter earnings report on Tuesday. Shares of AutoZone currently trade below $340.

“Key earnings catalysts include: 1) cadence of sales heading into a period of difficult comparisons, 2) commentary on AZO's ability to pass on inflationary pressures, 3) indications of market share gains on execution & further industry consolidation, 4) priorities for cash & share repurchase activity (the company announced a further $750 million authorization on 09/28/2011, in addition to the $219 million remaining at the end of 4Q),” Citi said in a research note.