AutoZone price target lowered to $3,500 from $3,787 at Citi

Citi analyst Steven Zaccone lowered the firm’s price target on AutoZone to $3,500 from $3,787 and keeps a Buy rating on the shares. The company AZO reported fiscal Q4 results that missed on both the top- and bottom-line, the analyst tells investors in a research note. The firm says the auto parts retail backdrop is “clearly seeing a weaker demand environment” as lower-income consumers tighten budgets, defer some big-ticket auto maintenance, and pull back on discretionary do-it-yourself spending. However, with Street estimates likely “reset” off the print, Citi believes AutoZone’s model has a better setup for a return to earnings growth in fiscal 2026.