AutoZone Inc.’s AZO fiscal fourth-quarter results signal continued share gains in the DIY/DIFM (Do It Yourself / Do It For Me) market, “driven by improved parts coverage and availability,” according to Raymond James.
The AutoZone Analyst: Bobby Griffin reaffirmed an Outperform rating for AutoZone, while keeping the price target unchanged at $2,350.
The AutoZone Thesis: In fiscal 2022, the company’s DIFM mix grew to around 26.5%, with more than $885 million in sales in this segment, Griffin said.
Check Out Other Analyst Stock Ratings
“Furthermore, AZO remains committed to continuing the strong performance via a near-term target of 200+ mega hub (78 today) and 300 regular hubs (currently seeing minimal cannibalization), in addition to opening three DCs in 2023 (including one in Mexico),” the analyst wrote.
“All in, we remain bullish on industry fundamentals and AZO should continue to take outsized share gains (mega hubs to more than double from here),” he added.
AZO Price Action: Shares of AutoZone had risen by 0.54% to $2,108.85 at the time of publication Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
