AutoZone, Inc. AZO reported weaker-than-expected third-quarter earnings on Tuesday.
The company reported earnings per share of $35.36, missing the analyst consensus estimate of $37.17. Quarterly sales of $4.46 billion (+5.4% year over year) outpaced the street view of $4.35 billion. The company reported a 3.2% growth in same-store sales on strength in the domestic segment.
"Our international business also continued to deliver strong results, as same-store sales grew 8.1% on a constant currency basis," said President and Chief Executive Officer Phil Daniele. "While currency rate moves continued to pressure reported sales and earnings, we believe our international operations are positioned well as we continue to focus on opening more stores in these markets."
AutoZone shares gained 2.5% to trade at $3,789.42 on Wednesday.
These analysts made changes to their price targets on AutoZone following earnings announcement.
- UBS analyst Michael Lasser maintained AutoZone with a Buy and raised the price target from $4,025 to $4,260.
- Guggenheim analyst Steven Forbes maintained the stock with a Buy and raised the price target from $3,850 to $4,100.
- JP Morgan analyst Christopher Horvers maintained AutoZone with an Overweight rating and lowered the price target from $4,350 to $4,200.
Considering buying AZO stock? Here’s what analysts think:
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