Morgan Stanley Bumps Up AutoZone Price Target - Read Why - AutoZone (NYSE:AZO)

Morgan Stanley analyst Simeon Gutman upgraded AutoZone Inc AZO to Overweight from Equal Weight and raised the price target to $2,420 from $2,125, suggesting an upside of 20.16%.
The analyst said the stock has an attractive 3:1 bull/bear skew.
Simeon is confident of AutoZone’s continuation of sales and earnings growth.
The analyst said he favors defensive stocks with offensive characteristics.
Price Action: AZO shares closed lower by 1.06% at $2,013.81 on Wednesday.