NEW YORK (TheStreet) -- AutoZone (AZO) stock was initiated by analysts at Barclays yesterday with an "overweight" rating and an $870 price target.

Analysts said that the company is a "highly shareholder friendly company that should continue to outperform in an attractive industry."

A week ago, the company announced that its board of directors authorized the repurchase of an additional $750 million of common stock in connection with its ongoing share repurchase program.

Overall, auto parts has been one of the best growth stories in U.S. retail over the past decade, according to The Financial Times.

Shares closed Thursday's trading session up by 0.56% to $802.52.

Based in Memphis, AutoZone retails and distributes automotive replacement parts and accessories.