AZO - Why AutoZone Stock Raced 4% Higher on Wednesday
2023-09-20 17:56:47 ET
A clutch of analyst price-target raises was the fuel injection powering AutoZone 's (NYSE: AZO) stock on Wednesday. With that positive sentiment at its back, the auto-parts retailer's shares accelerated more than 4% higher on the day. By contrast, the S&P 500 index sank by almost 1%.
No less than four prognosticators adjusted their AutoZone fair-value estimations, with three of them raising those targets.
None of these moves was drastic. This was typified by Barclays ' Matthew McClintock, who only added $21 to his level for a new figure of $2,742 per share. He maintained his overweight (buy) recommendation as he did so.
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Why AutoZone Stock Raced 4% Higher on Wednesday