AutoZone's Topline is Likely to Rebound in H2, Morgan Stanley Says

MT Newswires Live03-04

AutoZone's (AZO) topline is likely to rebound in H2 as the overhang from operational costs eases, expected to support a faster EBIT growth trajectory, Morgan Stanley said in a Wednesday research report.

A colder winter benefiting volume into spring and a larger tax-refund season are expected to support H2 comps, the firm said.

The topline softness in Q2 was weather-driven, and the market is underappreciating the EBIT growth trajectory taking shape as new stores mature, according to the note.

The brokerage said it reiterated its overweight rating on the stock and boosted its price target to $4,020 per share from $4,000.

Price: 3639.96, Change: +2.78, Percent Change: +0.08

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