UPDATE: Oppenheimer Downgrades AutoZone to Perform

Oppenheimer published a research report on AutoZone

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.