UPDATE: Goldman Sachs Group Reiterates Buy Rating, Raises PT on AutoZone
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.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.