Will AutoZone (AZO) Stock Hit New High on Q4 Numbers?

Saturday, September 21, 2019 7:51 AM | Michael Fowlkes

What's Happening with AZO

Auto parts retailer AutoZone (AZO) reports fiscal fourth-quarter results before the market open September 24. Analysts forecast earnings of $21.64 per share versus $18.54 during the same period last year. AZO stock has risen 38.5% on the year. 

Technical Analysis

AZO was recently trading at $1164.3 down $22.3 from its 12-month high and $459.29 above its 12-month low. InvestorsObserver's Stock Score Report gives AZO a 92 long-term technical score and a 98 short-term technical score. The stock has recent support above $1075 and recent resistance below $1186. Of the 15 analysts who cover the stock 9 rate it Strong Buy, 0 rate it Buy, 6 rate it Hold, 0 rate it Sell, and 0 rate it Strong Sell, AZO gets a score of 84 from InvestorsObserver's Stock Score Report.

Analysts' Thoughts

AZO has been a strong outperformer over the last 12 months and the stock has appreciated over 38% year to date. While most stocks are experiencing slowing earnings growth, AutoZone's earnings growth is expected to remain steady moving forward. Profits are up 11.5% annually the last five years and looking ahead earnings growth is forecast at 11.8% per annum for the next five years. AutoZone has delivered five straight earnings beats, and the street expects a sixth-straight beat with a whisper number of $21.80 for the quarter. AZO is trading just shy of its all-time high set in July but there is still value in the stock which trades at 17 times future earnings. The stock faces a solid level of resistance at its $1,175 which it will test if the company is able to deliver another positive earnings surprise. AZO is trading above its $1,136.18 price target but analysts will likely boost their target to allow shares to extend their recent gains if results come in above the consensus as the street expects.

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