ISI Maintains Hold on AutoZone

ISI is out with its report today on AutoZone AZO, maintaining Hold. In a note to clients, ISI writes, "AZO continues to churn out strong free cash flow, and attack its share count. A 5.3% comp was stronger than anticipated and will likely take the stock higher. That said, comps have slowed by 400bps over the past two quarters, and are likely to slow another 100-200bps from here. AZO is executing at a high level, but trading at 13.3x our next twelve month EPS, it is not cheap vs. historic norms." At the time of posting, shares of AZO were trading at $293.58, up 6.07% from Monday's close.