With some analysts upping their price target on shares of AutoZone, Inc. (NYSE:AZO), there is no better time than now for investors to answer the following question: is this a good stock to buy?
Like any company, AutoZone has experienced its share of ups and downs. However, when you take a close look at the company’s stock performance over the past year, it is relatively solid.
If you are struggling with the idea of whether or not you should buy AutoZone, Inc. (NYSE:AZO), there is nothing wrong with taking a bit of professional advice. Jim Cramer recently took part in a CNBC segment in which he discussed the current state of the company, including why now is the time to buy. Here is what he had to say:
“AutoZone, people have to focus right now because the stock will go up very big. This is a company that people thought the buy back was not going to be aggressive anymore, it has been aggressive all the time. Don’t forget, they have actually shrunk the share count in half over the last five years. There is a price target boost by Citi, 545 goes to 620. Baird raises 500 to 550. The buy back follows the stock up, so people who take the stock right now, your buy back will come after they report and it has been a huge winner and a stock I have been backing for a long time, because the average age of an automobile is 12 years.”
If that doesn’t help you better understand how Cramer feels about AutoZone, Inc. (NYSE:AZO), nothing will. He finished the segment by saying, “Best management in the industry. Fabulously pro-shareholder and doing incredibly well.”
With all of that in mind, you may realize that now is the time to add AutoZone, Inc. (NYSE:AZO) to your portfolio. Things are looking up for the company, and Cramer strongly believes that things are just going to get better.