Wells Fargo raised the firm’s price target on AutoZone (AZO) to $3,850 from $3,750 and keeps an Overweight rating on the shares. The firm notes the company’s Q2 improved where it matters most, with the stock’s muted reaction more about a softer exit rate, elevated SG&A and choppy tape. Wells sees second half of the year acceleration on tap, solid category dynamics and relative defense, and would be a buyer on weakness.
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