AutoZone Inc. shares touched a 52-week low at $2,900.01, closing just above the level of $2,902.20 during trading at $2,905.49, data from InvestingPro showed. The stock has shed roughly 31% over the past year.
TD Cowen lowered its price target on the stock to $3,500 from $3,700 while retaining a Buy rating. The firm also trimmed its fourth-quarter domestic comparable-sales estimate to 2.5%, attributing the revision to weather-related headwinds and shifting consumer DIY trends.
AutoZone's market capitalization stands at approximately $47.82 billion. Revenue over the trailing twelve months totaled about $19.99 billion, supported by a gross profit margin of 51.75%. Despite the stock's weakness, the company remains profitable amid broader sector pressures.
Internal leadership changes were announced Thursday, with Grace Sharpley promoted to senior vice president of finance and seat on the company's executive committee.
Meanwhile, competition in the automotive aftermarket continues to reshape the landscape. Mavis Tire Express Services closed its acquisition of Pep Boys from Icahn Enterprises for roughly $700 million, a deal that will bring Mavis's service-center network to more than 4,400 locations across North America.
In a separate development, Genuine Parts Co. denied reports that it was being courted for a sale of its automotive aftermarket business unit. Reuters had reported earlier this week that O'Reilly Automotive Inc. was among potential bidders. Barclays noted such a transaction could draw antitrust scrutiny given overlapping store locations between the two firms.
