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In a report published Friday, Bank of America analyst Denise Chai reiterated a Neutral rating on
AutoZoneAZO, and raised the price target from $530.00 to $561.00.
In the report, Bank of America noted, “Given positive commentary and material earnings beats from ORLY and AAP yesterday morning, we are raising our estimates and PO on AutoZone. We believe that AZO's high-margin DIY business should benefit disproportionately from increased demand for batteries, antifreeze, wipers and other weather-related products. In addition, the company's well-balanced national store network is also an asset. Our new estimates are now as follows: 2014E is $31.89 based on 3% comps ($31.35 on 2% comps prior); 2015E is $36.30 on 2.5% comps ($35.40 on 2.25% comps prior); and 2016E is $41.12 based on 2.25% comps ($40.12 on 2.25% comps prior). Our price objective goes to $561, still based on 15x 2015E EPS.”
AutoZone closed on Thursday at $517.16.
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