AutoZone Inc

AZO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$2,517.00	Qgxrj	Gczcfntyn

AutoZone Earnings: Lackluster Growth Outweighed by Robust Margin Gains; Shares Not Cheap

Noah Rohr

Feb 27, 2024

Wide-moat AutoZone delivered solid fiscal second-quarter results as stronger-than-anticipated gross margin expansion outweighed lackluster domestic sales growth that underperformed our expectations. We plan to raise our $2,430 fair value estimate by a low-single-digit percentage after making a positive adjustment to our gross margin forecast, though we still view shares as overvalued.

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