Goldman Sachs Group Inc. downgraded shares of AutoZone (NYSE:AZO) from a buy rating to a neutral rating in a report issued on Tuesday, TheFlyOnTheWall.com reports. They currently have $500.00 target price on the stock, up from their previous target price of $470.00.
“We remove AZO from the Buy List, and rate the shares Neutral. The stock has approached our prior 12-month $470 target, rising with a strong market despite sluggish recent fundamentals. We are guarded on the aftermarket sector given fading demand drivers, namely in the DIY sub-segment, where AZO sharply over-indexes vs. peers. In our view, the company continues to execute well, but lofty returns appear to serve as impediment to a full-on commitment to growing commercial. Also, ROC looks poised to fall from powerful peak levels. Since added to the Buy list on 4/3/2012, AZO is +22%, vs. +28% for the S&P 500. Over the last 12 months, AZO is +22%, vs. SPX +28%.,” Goldman Sachs Group Inc.’s analyst wrote.
Goldman Sachs Group Inc. has also modified their ratings on a number of other consumer discretionary stocks in the few days. The firm downgraded shares of Tilly’s Inc from a buy rating to a neutral rating. Their analysts now have a $12.00 price target on that stock, down previously from $17.00. Also, Goldman Sachs Group Inc. reiterated its conviction-buy rating on shares of Ross Stores Inc..
Shares of AutoZone (NYSE:AZO) traded up 0.08% on Tuesday, hitting $457.63. The stock had a trading volume of 143,416 shares. AutoZone has a 52 week low of $341.98 and a 52 week high of $470.47. The stock has a 50-day moving average of $440.7 and a 200-day moving average of $428.. The company has a market cap of $15.574 billion and a price-to-earnings ratio of 16.45.
AutoZone (NYSE:AZO) last announced its earnings results on Wednesday, September 25th. The company reported $10.42 earnings per share for the quarter, beating the analysts’ consensus estimate of $10.38 by $0.04. The company had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter last year, the company posted $8.46 earnings per share. AutoZone’s revenue was up 12.0% compared to the same quarter last year. On average, analysts predict that AutoZone will post $31.25 earnings per share for the current fiscal year.
AZO has been the subject of a number of other recent research reports. Analysts at Wedbush initiated coverage on shares of AutoZone in a research note to investors on Monday, October 14th. They set a neutral rating and a $440.00 price target on the stock. Separately, analysts at Ned Davis Research upgraded shares of AutoZone from a neutral rating to a buy rating in a research note to investors on Monday, September 30th. Finally, analysts at RBC Capital raised their price target on shares of AutoZone from $441.00 to $454.00 in a research note to investors on Thursday, September 26th. They now have a sector perform rating on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. AutoZone currently has an average rating of Hold and a consensus target price of $447.29.
AutoZone, Inc (NYSE:AZO) is a retailer and a distributor of automotive replacement parts and accessories in the United States.
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