AutoZone price target raised to $3,750 from $3,350 at Guggenheim

Guggenheim raised the firm’s price target on AutoZone (AZO) to $3,750 from $3,350 and keeps a Buy rating on the shares. Though currency rate moves weighed on reported sales and earnings growth, Q1 operating results were relatively in-line with expectations, the analyst tells investors in a post-earnings note. The firm continues to envision sequential acceleration in both domestic retail and do-it-for-me sales trends moving through FY25, adding that AutoZone appears to be entering 2025 with a healthy real estate pipeline, which the firm sees “setting the stage for an acceleration in square footage growth.”