As the stock market continues to plummet, Memphis-based AutoZone has been holding its own. In fact, Moneywatch reports today that a Citi analyst upgraded her recommendation from "hold" to "buy" for the auto-parts retailer, which is looking ahead to strong sales trends and possible stock buybacks.
Kate McShane raised her price target for AutoZone by $26 to $326 and boosted her earnings predictions for the next three fiscal years. She said that the company is one of the strongest and best positioned in its sector and its current share price should make it attractive to investors.AutoZone was down about 1.7 percent as a rough Wednesday on Wall Street wound down. The Dow Jones Industrials were down 520 points, about 4.6 percent.
AutoZone shares closed Tuesday at $280.10. Over the past 52 weeks, the Memphis, Tenn.-based company's shares have traded between $203.05 and $302. They're gained about 2.8 percent so far this year.
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