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NEW YORK - Shares of auto parts retailer AutoZone Inc. have risen considerably, but the industry still faces a tough environment and competitors are looking more appealing, an analyst said Monday, downgrading the stock.
Goldman Sachs analyst Matthew J. Fassler cuts AutoZone shares to "Neutral" from "Buy" in a note to investors.
Shares have risen 21 percent since his upgrade in late January, Fassler wrote, but "the sector looks less compelling after a good run."
"Industry trends remain at some risk as gas prices remain elevated ... miles driven are still down sharply and fiscal stimulus, a definite driver of sales, has faded," Fassler wrote.
Meanwhile, competitors like Advance Auto Parts Inc. and O'Reilly Automotive Inc. are beginning to look more appealing, he said.
Despite the downgrade, Fassler raised his price target on AutoZone shares to $149 from $142 to account for their rise so far.
An AutoZone representative was not immediately available to comment early Monday.
On Friday, shares of AutoZone fell 19 cents to close at $138.19.
The New York City will give 500 tickets for the ceremony on Thursday from 2:00 p.m. to 4:00 p.m. EST.
Online distributor for point of sale equipment, TYSSO and Pegasus.
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