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UPDATE: Goldman Sachs Group Reiterates Buy Rating, Raises PT on AutoZone

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Credit Suisse Cuts Estimates On Auto Parts Retailers As Earnings Approach
7 Biggest Price Target Changes For Friday

In a report published Wednesday, Goldman Sachs Group reiterated its Buy rating on AutoZone (NYSE: AZO), and raised its price target from $410.00 to $420.00.

Goldman Sachs noted, “We trim our EPS forecasts on lower sales, offset in part by better gross margin and lower expenses. FY2013 goes to $27.40 from $27.50, and FY2014 to $30.15 from $30.25. We introduce FY2015 at $34.00. Calendar 2013/2014 estimates are now $24.94/$28.94, respectively...We increase our 12-month price target by $10 to $420, based on the roll-forward of earnings by one quarter in our risk/reward (EV/EBITDA) framework, offsetting our modest estimate cut.”

AutoZone closed on Tuesday at $366.80.

Latest Ratings for AZO

DateFirmActionFromTo
Oct 2016Credit SuisseMaintainsOutperform
Sep 2016Morgan StanleyUpgradesEqual-WeightOverweight
Sep 2016Goldman SachsMaintainsNeutral

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