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InvestorGuide Stock Analysis

AutoZone is a Place for Car Parts and Profits
Excerpt from the InvestorGuide.com Stock of the Day on 3/3/2009

Tuesday morning, AutoZone reported a net income of $115.9 million for their Q2, which ended February 14. This was easily higher than analyst estimates of about $105-107 million. Acting upon this news, investors sent the stock soaring beyond their 52-week highs. In the early morning session, this figure reached up to $157.49 per share. The profits seem reasonable too. Despite economic conditions, consumers still need to drive to and from their destinations, and if they cannot afford to purchase a new vehicle, they will do what they can to repair an existing one. So, it seems like a good time to be a car parts retailer. However, as profitable stocks become increasingly scarce during this recession, can AutoZone sustain such results for the remainder of this year?

Without any unforeseeable circumstances, yes they should be able to. Car manufacturers, local and abroad, are struggling to reach consumers. While they innovate and create new designs for new cars, consumers are finding it increasingly difficult to purchase such vehicles. In fact, Toyota (TM: Charts, News, Offers), the largest car-manufacturer in the world by sales, was reportedly in talks with the Japanese government for a loan of 200 billion yen ($2 billion). They are also expecting an annual loss, which would be the first time in over 59 years. In the US, General Motors (GM: Charts, News, Offers) continues to face a host of troubles. Their most recent one involves SAAB trying to sell itself to interested buyers. As car manufacturers scramble to restore their empires, consumers will do their best to avoid buying costly new vehicles and opt to repair their existing ones. The recession is helping AutoZone too. CBS News reported that consumers are saving more and more money. From this information, those that can afford a new vehicle will probably refrain from purchasing one until they absolutely have to. More >

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Morningstar Analysis for AutoZone

AutoZone (AZO) Upgrades

Date
Analyst
Old Rating
New Rating
09/24/2009
FBR Capital
Underperform
Market Perform
08/18/2009
BB&T Capital
Hold
Buy
05/06/2009
Bank of America
Neutral
Buy
10/23/2008
Merrill Lynch
Neutral
Buy
10/15/2008
Credit Suisse
Neutral
Outperform
10/06/2008
UBS
Neutral
Buy

AutoZone (AZO) Downgrades

Date
Analyst
Old Rating
New Rating
08/13/2009
Wedbush Morgan
Neutral
Underperform
03/23/2009
UBS
Buy
Neutral
01/07/2009
Merrill Lynch
Buy
Neutral
11/05/2008
Friedman Billing & Ramsey
Market Perform
Underperform
09/08/2008
Goldman Sachs
Buy
Neutral
07/12/2007
Credit Suisse
Outperform
Neutral

AutoZone (AZO) New Coverage

Date
Analyst
Rating
10/01/2009
Barclays
Equalweight
07/23/2009
Wedbush Morgan
Neutral
07/08/2009
FTN Equity
Neutral
04/22/2009
Longbow
Neutral
03/18/2009
Baird
Outperform
12/03/2008
Jesup & Lamont
Hold
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