Analysts Just Turned Bullish on These 5 Stocks

4. AutoZone, Inc. (NYSE:AZO)

Number of Hedge Fund Holders: 38

AutoZone, Inc. (NYSE:AZO) received an upgrade from Goldman Sachs on Monday, June 27, 2022. The research firm raised its ratings for the aftermarket automotive parts retailer from “Neutral” to “Buy,” citing non-discretionary sales of the company.

Goldman Sachs analyst Kate McShane believes that inelastic demand for AutoZone products would help the company steer through the ongoing inflationary environment. McShane also lifted her price target for AutoZone, Inc. (NYSE:AZO) from $1,969 per share to $2,296 per share.

Earlier this year, investment management firm Weitz Investment Management mentioned AutoZone, Inc. (NYSE:AZO) in its fourth-quarter 2021 investor letter. The firm said:

“The Fund’s investments in auto-related businesses were consistent top performers in 2021. Shortages of new vehicles have driven buyers into the used car market. AutoZone has won new customers who need to maintain vehicles they now plan to own longer (and federal stimulus checks have given car owners some extra cash to spend on car maintenance).”