These Analysts Slash Their Forecasts On AutoZone After Weak Sales

AutoZone, Inc AZO reported worse-than-expected third-quarter sales results on Tuesday.

The company reported third-quarter earnings per share of $36.69, beating the street view of $36.20. Quarterly revenues of $4.235 billion (+3.5% year over year) missed the analyst consensus of $4.298 billion, according to data from Benzinga Pro. AutoZone said its third-quarter total company same-store sales increased 0.9%, while domestic sales were flat.

"Domestically, our sales performance was negatively impacted at the start of the quarter due to the timing of tax refunds while the cooler than usual weather across several areas of the country negatively impacted our results later in the quarter," said Phil Daniele, President and Chief Executive Officer.

AutoZone shares fell 3.5% to close at $2,820.83 on Tuesday.

These analysts made changes to their price targets on AutoZone after the company reported quarterly results.

• Wolfe Research slashed the price target on AutoZone from $3,150 to $3,000. Wolfe Research analyst Chris Bottiglieri maintained an Outperform rating.
• Morgan Stanley cut AutoZone price target from $3,100 to $3,038. Morgan Stanley analyst Simeon Gutman maintained an Overweight rating.
• Mizuho lowered the price target on AutoZone from $3,450 to $3,280. Mizuho analyst David Bellinger maintained a Buy rating.

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