Morgan Stanley Increases AutoZone (NYSE:AZO) Price Target to $3,125.00

AutoZone (NYSE:AZO) had its price target lifted by Morgan Stanley from $3,038.00 to $3,125.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 0.99% from the company’s current price.

Several other brokerages also recently issued reports on AZO. StockNews.com downgraded AutoZone from a “buy” rating to a “hold” rating in a research report on Saturday. Wedbush reissued an “outperform” rating and set a $3,200.00 target price on shares of AutoZone in a research note on Thursday, September 19th. Guggenheim raised their price target on shares of AutoZone from $3,150.00 to $3,225.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Evercore ISI cut their price objective on AutoZone from $3,900.00 to $3,350.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Finally, Oppenheimer reaffirmed a “market perform” rating and set a $2,600.00 price target on shares of AutoZone in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $3,134.88.

AutoZone Trading Up 1.7 %

NYSE AZO traded up $50.43 during trading on Wednesday, hitting $3,094.40. 34,416 shares of the company traded hands, compared to its average volume of 141,923. The company has a market capitalization of $52.85 billion, a P/E ratio of 21.29, a PEG ratio of 1.43 and a beta of 0.71. The business has a fifty day simple moving average of $3,109.08 and a 200 day simple moving average of $3,009.36. AutoZone has a 12 month low of $2,375.35 and a 12 month high of $3,256.37.

AutoZone (NYSE:AZO) last issued its quarterly earnings results on Tuesday, September 24th. The company reported $48.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $53.31 by ($5.20). The firm had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.25 billion. AutoZone had a net margin of 14.60% and a negative return on equity of 54.58%. The company’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $46.46 earnings per share. Equities research analysts predict that AutoZone will post 151.08 EPS for the current fiscal year.

Hedge Funds Weigh In On AutoZone

A number of institutional investors have recently added to or reduced their stakes in the business. Quent Capital LLC increased its stake in AutoZone by 4.8% in the 1st quarter. Quent Capital LLC now owns 88 shares of the company’s stock worth $277,000 after acquiring an additional 4 shares during the last quarter. Mather Group LLC. increased its position in shares of AutoZone by 1.8% during the 2nd quarter. Mather Group LLC. now owns 224 shares of the company’s stock valued at $706,000 after purchasing an additional 4 shares during the last quarter. Conning Inc. increased its position in shares of AutoZone by 4.3% during the 2nd quarter. Conning Inc. now owns 98 shares of the company’s stock valued at $290,000 after purchasing an additional 4 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in AutoZone by 14.3% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 32 shares of the company’s stock worth $95,000 after acquiring an additional 4 shares during the last quarter. Finally, Brighton Jones LLC grew its position in AutoZone by 4.1% during the 2nd quarter. Brighton Jones LLC now owns 101 shares of the company’s stock worth $299,000 after acquiring an additional 4 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors.

About AutoZone

AutoZone, Inc retails and distributes automotive replacement parts and accessories in the United States, Mexico, and Brazil. The company provides various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products.