UPDATE: Citi Raises AutoZone's PT

According to a research report published earlier today, Citi has increased AutoZone's AZO PT from $395 to $433. Citi commented in the report, “We are removing AZO from TPL! following the stock's +15.3% return YTD and lack of near term catalysts. However, our 12-month Buy thesis remains intact as we believe the company is making significant progress in commercial (+24.6% y/y growth in 2Q'12), and continues to deliver AAA execution in DIY. AZO reported 4Q11 EPS of $4.15, vs. our estimate of $3.99. On better comp expectations, we are raising our FY12 estimates to $23.36 from $23.01, our FY13 estimates to $26.69 from $26.47 and our FY14 estimates to $29.42 from $28.76.” Citi maintains its Buy rating on AutoZone, which closed yesterday at $376.41.