J.P. Morgan Maintains Neutral on AutoZone (AZO)

J.P. Morgan is out with its report today on AutoZone AZO, maintaining Neutral. In a note to clients, J.P. Morgan writes, "Maintain Neutral Rating, December 2011 PT of $240. While secular tailwinds remain strong and AZO is effectively growing its commercial business rapidly, we expect sales trends to decelerate as AZO and the industry cycle difficult multiyear comparisons. Combined with less gross margin expansion and stucturally higher expenses per store due to commercial investments, this should abate the fundamentally and buyback driven upward earnings revision cycle." Shares of AZO closed Wednesday at $262.84.