Morgan Stanley raised the firm’s price target on AutoZone to $3,125 from $3,038 and keeps an Overweight rating on the shares. Even as estimates come down, underlying fundamentals are “mostly unchanged,” says the analyst, who contends that the stock’s valuation is “not demanding for a well-positioned company in a defensive sector that should get back to normalized top-line growth in the medium term.” The firm views AutoZone as a solid compounder with the ability to continue taking market share domestically, the analyst added in a post-earnings note.
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