AutoZone resumed with an Outperform at William Blair

William Blair analyst Phillip Blee resumed coverage of AutoZone with an Outperform rating. The analyst believes there is room for multiple expansion in line with the company’s peers on a continued acceleration in do-it-from-home comps, which should ease investor concerns around demand volatility. The firm expects the shares could see an additional lift from earnings upside on the maturation of international markets, optimization efforts across the supply chain, and additional share repurchases.