Evercore ISI Trims AutoZone (NYSE:AZO) Target Price to $3,350.00

AutoZone (NYSE:AZO) had its price target cut by Evercore ISI from $3,900.00 to $3,350.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price target points to a potential upside of 10.19% from the stock’s previous close.

AZO has been the topic of a number of other reports. Oppenheimer restated a “market perform” rating and issued a $2,600.00 price target on shares of AutoZone in a research note on Wednesday, June 26th. Guggenheim lifted their target price on AutoZone from $3,150.00 to $3,225.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. StockNews.com upgraded AutoZone from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Barclays cut their target price on AutoZone from $3,100.00 to $3,024.00 and set an “overweight” rating on the stock in a research report on Thursday, May 23rd. Finally, Wedbush reiterated an “outperform” rating and set a $3,200.00 target price on shares of AutoZone in a research report on Thursday. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, AutoZone currently has a consensus rating of “Moderate Buy” and a consensus price target of $3,117.12.

AutoZone Price Performance

AutoZone stock opened at $3,040.09 on Friday. AutoZone has a 1-year low of $2,375.35 and a 1-year high of $3,256.37. The stock has a market cap of $51.93 billion, a PE ratio of 21.03, a P/E/G ratio of 1.45 and a beta of 0.71. The stock’s fifty day moving average is $3,103.78 and its two-hundred day moving average is $3,011.83.

Institutional Investors Weigh In On AutoZone

A number of hedge funds and other institutional investors have recently modified their holdings of AZO. PineStone Asset Management Inc. raised its position in shares of AutoZone by 137.6% during the 2nd quarter. PineStone Asset Management Inc. now owns 310,043 shares of the company’s stock worth $918,998,000 after purchasing an additional 179,543 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of AutoZone during the 2nd quarter worth approximately $424,000. Captrust Financial Advisors raised its position in shares of AutoZone by 564.2% during the 1st quarter. Captrust Financial Advisors now owns 152,091 shares of the company’s stock worth $479,338,000 after purchasing an additional 129,193 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of AutoZone by 2,714.8% during the 2nd quarter. Baillie Gifford & Co. now owns 120,194 shares of the company’s stock worth $356,267,000 after purchasing an additional 115,924 shares during the last quarter. Finally, Bessemer Group Inc. raised its position in shares of AutoZone by 106.7% during the 1st quarter. Bessemer Group Inc. now owns 117,891 shares of the company’s stock worth $371,552,000 after purchasing an additional 60,852 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.

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.