Market Overview

Oppenheimer Holdings Reiterates Outperform Rating on AutoZone

Share:
Related AZO
Worst Performing Industries For August 26, 2016
Worst Performing Industries For July 12, 2016

In a report published Wednesday, Oppenheimer Holdings reiterated its Outperform rating on AutoZone (NYSE: AZO).

Oppenheimer noted, “We view the fiscal fourth quarter (period ended Aug.) results that AutoZone reported today as consistent with recent announcements from other leading chains in the aftermarket auto parts business. EPS of $8.46 compared with a Street figure of $8.42 and expanded about 18% from $7.18 last year. Comp store sales in the period rose just 2.1% and fell modestly short of a consensus forecast for a 3% gain. Better gross margins and continued aggressive share repurchases offset the impacts of weakish sales. Weather has been challenging for the sector lately. We believe, however, that recent sales weakness at AZO and others in the counter-cyclical after-market auto parts business reflects that beginnings of a more significant economic improvement. Our Outperform rating on AZO reflects the substantial opportunity for the company to continue to generate outsized cash and repurchase shares.”

AutoZone closed on Tuesday at $357.84.

Latest Ratings for AZO

DateFirmActionFromTo
Aug 2016SusquehannaInitiates Coverage onNeutral
Jun 2016BTIG ResearchInitiates Coverage onBuy
Apr 2016Gabelli & CoInitiates Coverage onBuy

View More Analyst Ratings for AZO
View the Latest Analyst Ratings

Posted-In: Oppenheimer HoldingsAnalyst Color Reiteration Analyst Ratings

 

Related Articles (AZO)

View Comments and Join the Discussion!