AutoZone shares accelerate after buyback announcement

OReilly Automotive

20/06/2024 15:55

** AutoZone's  AZO.N  shares up 1.7% on Thurs to $3,020.48,
over 2-mth high, as auto parts retailer plans to buy more of its
stock
    ** AZO on course to rise for 4th straight session
    ** Co on Weds announced additional $1.5 bln stock repurchase
as part of ongoing buyback program
    ** Per LSEG data, co has ~17.08 mln shares outstanding for
current market cap of ~$51.5 bln
    ** On May 21, AZO closed down 3.5% after co's qtrly rev
missed consensus, with analysts pointing to slowing domestic
sales
    ** Avg recommendation among 28 analysts is "buy" with median
PT of $3,278, down from $3,400 a mth ago - LSEG
    ** With move on the session, AZO up ~17% YTD
    ** Shares of rivals O'Reilly Automotive  ORLY.O  and Advance
Auto Parts  AAP.N  up ~13% and ~7%, respectively, in 2024

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))