BUZZ-AutoZone shares accelerate after buyback announcement

Reuters06-20

** AutoZone's shares up 1.7% on Thurs to $3,020.48, over 2-mth high, as auto parts retailer plans to buy more of its stock

** AZO on course to rise for 4th straight session

** Co on Weds announced additional $1.5 bln stock repurchase as part of ongoing buyback program

** Per LSEG data, co has ~17.08 mln shares outstanding for current market cap of ~$51.5 bln

** On May 21, AZO closed down 3.5% after co's qtrly rev missed consensus, with analysts pointing to slowing domestic sales

** Avg recommendation among 28 analysts is "buy" with median PT of $3,278, down from $3,400 a mth ago - LSEG

** With move on the session, AZO up ~17% YTD

** Shares of rivals O'Reilly Automotive and Advance Auto Parts up ~13% and ~7%, respectively, in 2024

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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