Market Overview

UPDATE: Oppenheimer Downgrades AutoZone to Perform

Share:
Related AZO
AutoZone: A 'Rare Rate Hike Beneficiary'
Looking For A Defensive Stock Without Global Exposure? Check Out Autozone
Airlines Lead 5 Top Industries Amid Global Worries (Investor's Business Daily)

Oppenheimer published a research report on AutoZone (NYSE: AZO) and downgraded the company from Outperform to Perform with a lowered price target, from $461 to $400.

In the report, Oppenheimer wrote, "We are downgrading our rating on shares of AutoZone to Perform from Outperform. AZO represents one of the best run and most dominant retailers. The company's well thought-out, return-focused strategic model has become a playbook for numerous chains. We do not foresee a looming fundamental crack at AZO. Instead, we simply expect investors to gradually turn their attention to shares of retailers more skewed to an improving economic backdrop and stronger consumer environment. We look on recent sales weakness at AZO as more a function of waning counter-cyclical tailwinds than erratic weather. Our new $400 price target (down from $461) assumes modest 11% upside from current levels."

AutoZone closed Wednesday at $360.27.

Latest Ratings for AZO

DateFirmActionFromTo
Aug 2015Bank of AmericaUpgradesNeutralBuy
May 2015GabelliDowngradesBuyHold
May 2015Deutsche BankMaintainsHold

View More Analyst Ratings for AZO
View the Latest Analyst Ratings

Posted-In: OppenheimerAnalyst Color Downgrades Analyst Ratings

 

Related Articles (AZO)

Get Benzinga's Newsletters