- Stephens analyst Daniel Imbro reiterated an Overweight rating on AutoZone, Inc (NYSE:AZO) and a $2,400 price target.
- Yesterday, AutoZone announced its Board had approved the repurchase of an additional $2.5 billion of the company’s common stock translating into ~6% of the market cap.
- Despite YTD’s outperformance, he continues to favor AZO as the company’s results demonstrate share gains, and the DIFM acceleration warrants multiple expansions above historical averages.
- During this period of elevated inflation, he continues to favor the non-discretionary nature of the aftermarket’s demand and believes that 1H23 estimates for AZO look beatable.
- He expects AZO’s investments will continue to fuel DIFM growth above DIY growth, which will weigh on gross margins, seemingly reflected in current expectations.
- Additionally, AZO would be an outsized beneficiary if a broader trade-down to DIY picks up during a prolonged economic downturn.
- Price Action: AZO shares traded higher by 3.07% at $2,272.75 on the last check Wednesday.
VIAVI Selected As Test Equipment Supplier For Kyrio O-RAN Test & Integration Lab
CHANDLER, Ariz., Aug. 24, 2022 /PRNewswire/ -- Viavi Solutions Inc. (VIAVI) (NASDAQ:VIAV) today announced that Kyrio®, a subsidiary of CableLabs®, has chosen VIAVI to be part of its O-RAN Test
