Analyst: AutoZone Stock "Defensively Positioned"

AZO recently reclaimed its year-to-date breakeven level

Deputy Editor
Jun 27, 2022 at 9:57 AM
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AutoZone, Inc. (NYSE:AZO) stock is up 1% to trade at $2,180.54 at last check, rising after an upgrade to "buy" from "neutral" from Goldman Sachs. The brokerage firm called AZO a "defensively positioned" equity that could brave inflation, thanks to relatively inelastic demand and non-discretionary sales in regard to auto parts.

Coming into today, the majority of analysts were already bullish on the AutoZone stock, with 10 of 14 rating it a "buy" or better; however, three "hold" recommendations and one "sell" rating means AZO stock could see a few more bull notes come down the line in the near future. Meanwhile, the 12-month consensus price target of $2,216.22 is a slime 2.7% premium to Friday's close.

Today's bounce is helping AZO extending its rebound from its May 20, eight-month low of $1,703.32 -- a pullback that was kept in check by the equity's 320-day moving average. Year-over-year, AutoZone stock is up 48.7%, and has recently reclaimed its year-to-date breakeven level.  

The good news for options traders is the security's Schaeffer's Volatility Scorecard (SVS) sits at an elevated 88 out of 100. This indicates the equity exceeded option traders' volatility expectations during the past year -- a boon thing for premium buyers.

 

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