AutoZone is one of the many pandemic-driven stocks that increased more than 43% YTD. Despite the recovery, the company seems in a strong bullish run, beating Wall Street estimates each quarter.
During the pandemic, the DIY trend boomed, putting in the spotlight all the companies that provided spare parts and other materials. One of such stocks is AutoZone, an American retailer of automotive accessories and components. Despite the DIY slowdown, AutoZone stock price keeps rising.
Let’s find out whether AutoZone may be a great addition to your portfolio.
How & Where to Buy AutoZone Stock Online
Autozone (NYSE: AZO) can be bought with maximum convenience via an online broker. All you need to do is register with a regulated online brokerage platform by providing your personal details. Next, fund your account and start trading AutoZone stock, along with many other assets. To help you save time, we’ve selected the best online brokers right now:
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What Is AutoZone?
AutoZone is an American retailer of spare car parts and accessories. Established in 1979, it is the market leader in the U.S. and currently has more than 6,400 stores in the United States, Brazil, Mexico, Puerto Rico, and U.S. Virgin Islands.
Should I Buy AutoZone Today?
Although the DIY trends are now wavering as the pandemic-related restrictions are eased, AutoZone is one of the few businesses that took off during the lockdowns and still reports positive results. Increasing by 9.45% this month and 43.58% YTD, analysts expect AutoZone to continue its growth.
Furthermore, AutoZone plans to open more hubs next year and has recently beaten Wall Street estimates. The strong financial results are expected to further drive growth in the coming months. Early investors may potentially benefit from the growth of its emergent online sales business segment.
AutoZone Price Prediction 2021
Analysts are extremely optimistic when it comes to AutoZone’s share price. For instance, Wells Fargo upgraded its rating to “buy”, with an estimated target price of $1,825 (up from $1,750).