These Analysts Slash Their Forecasts On AutoZone After Downbeat Q1 Results

Benzinga12-11

AutoZone, Inc. (NYSE:AZO) reported first-quarter earnings and sales that fell short of Wall Street expectations on Tuesday.

The company reported quarterly earnings per share of $31.04, missing the analyst consensus estimate of $32.37. Quarterly sales of $4.629 billion (up 8.2% year-over-year) missed the Street view of $4.637 billion.

“We were especially pleased to open 53 net new stores globally in the quarter and we plan to aggressively open stores over the remainder of the fiscal year as we continue our focus on gaining market share,” said CEO Phil Daniele.

AutoZone shares rose 2.8% to trade at $52.99 on Wednesday.

These analysts made changes to their price targets on AutoZone following earnings announcement.

  • BMO Capital analyst Tristan Thomas-Martin maintained AutoZone with an Outperform rating and lowered the price target from $4,600 to $4,400.
  • Guggenheim analyst Steven Forbes maintained the stock with a Buy and cut the price target from $4,600 to $4,400.
  • Mizuho analyst David Bellinger maintained AutoZone with an Outperform rating and lowered the price target from $4,050 to $3,850.
  • Barclays analyst Matthew McClintock maintained the stock with an Overweight rating and lowered the price target from $4,510 to $4,318.
  • DA Davidson analyst Michael Baker maintained AutoZone with a Buy and lowered the price target from $4,850 to $4,500.
  • UBS analyst Michael Lasser maintained the stock with a Buy and lowered the price target from $4,800 to $4,325.

Considering buying AZO stock? Here’s what analysts think:

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