Update (9:40 a.m.): Updated with Wednesday market open information.
UBS increased its target price on AutoZone to $555, increased its estimates and set a "neutral" rating as it noted the company has capitalized on strong industry trends and made inventory investments. J.P. Morgan increased its target price to $590, increased its estimates and set an "overweight" rating, as the company is seeing higher sales and a lower tax rate.
The stock was rising 0.74% to $542.54 at 9:40 a.m. on Wednesday.
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Separately, TheStreet Ratings team rates AUTOZONE INC as a "buy" with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AUTOZONE INC (AZO) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, good cash flow from operations, solid stock price performance and impressive record of earnings per share growth. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."
Highlights from the analysis by TheStreet Ratings Team goes as follows: