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AZO - AutoZone: Focus List Outperformer We Still Like
AutoZone Inc.
Despite large gains in 2021, we see more upside in the stock as the company is positioned to extend its decades-long profit growth even further.
Long-term tailwinds are favorable for the auto repair market. Older vehicles mean increased demand for auto parts as vehicle repair costs tend to increase as cars get older.
AutoZone’s price-to-economic book value ratio is 0.8, which implies that the market expects AutoZone’s profits to permanently decline by 20%.