UPDATE: JP Morgan Reiterates Neutral, Raises Target to $320 on AutoZone
JP Morgan maintains its Neutral rating on AutoZone, Inc. (NYSE: AZO) and raises its price target to $320 from $315 on updated estimates following first quarter earnings results.
JPM says, “We are raising our FY12 EPS estimate to $22.95 from $22.66. For FY13 we are raising our EPS estimate to $26.29 from $25.64. AZO continues to execute well with solid momentum having cycled the most difficult comparisons of the calendar year. In addition, sales within the commercial segment continue to benefit from incremental programs, expanded/modified Hub stores, increased inventory assortment, and enhanced technology. However, with an accelerating SAAR and less low hanging fruit on the margin, we remain on the sidelines.”
AZO closed at $333.86 per share on Wednesday.
