AutoZone Reports 6.2% Rise in Same-Store Sales for Q4

The security is higher this morning

Digital Content Manager
Sep 19, 2022 at 9:36 AM
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The shares of AutoZone Inc (NYSE:AZO) are higher this morning, last seen up 2.1% at $2,210.28, following the car parts company's fiscal fourth-quarter earnings report. The firm posted profits and revenue that topped analyst's estimates, as well as a 6.2% year-over-year increase in same-store sales. AutoZone cited continued improvement in its commercial business for the upbeat earnings report. 

The security received plenty of pre-earnings bull notes, with no less than four firms lifting their price targets in September, but analysts have yet to chime in after the fact. Sentiment surrounding AZO was sunny heading into today, however. Of the 15 in coverage, just three brokerages consider the stock a "hold" or worse, compared to 12 "buy" or better ratings. On the other hand, we could see more price-target hikes in the coming days, as the 12-month consensus price target of $2,264.58 is a slim 4.6% premium to Friday's close. 

Options traders have taken a bullish stance as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AZO sports a 50-day put/call volume ratio of 1.0, which stands higher than 94% of readings from the past year. This illustrates a healthier-than-usual appetite for long calls of late. 

AutoZone stock has been a noted outperformer, adding 34.7% year-over-year before today's price action. The stock has cooled from its Aug. 16 record high of $2,362.24, but several pullbacks have been captured by the 120-day moving average.

 

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