AutoZone price target raised to $3,753 from $3,501 at Truist

Truist analyst Scot Ciccarelli raised the firm’s price target on AutoZone (AZO) to $3,753 from $3,501 and keeps a Buy rating on the shares after its Q1 results. The company posted positive low-single-digit comps despite persistent pressure on lower/middle income consumers, minimal same SKU inflation, and headwinds from FX and calendar shifts, the analyst tells investors in a research note. Many of these near-term headwinds could flip to tailwinds in 2025, especially if incremental tariffs get layered in, though the firm remains concerned that the FX drag will likely be much higher than previously forecast, Truist added.