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AutoZone (AZO) Breaks Through Support at $401.28

Published on Tue, 04/30/2013 - 09:45
By Robert Cotter

Shares of AutoZone (NYSE:AZO) opened today below their pivot of $404.89 and have already reached the first level of support at $401.28. Should the shares continue to fall, the support pivots of $398.69 and $392.49 will be of interest.

AutoZone, Inc. is a specialty retailer of automotive replacement parts and accessories. The Company offers an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. Autozone operates in United States and Puerto Rico, and Mexico.

In the past 52 weeks, shares of AutoZone have traded between a low of $341.98 and a high of $408.50 and are now at $403.19, which is 18% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

There is potential upside of 3.9% for shares of AutoZone based on a current price of $403.19 and an average consensus analyst price target of $418.87. The stock should find initial support at its 50-day moving average (MA) of $387.81 and further support at its 200-day MA of $372.89.

By Robert Cotter
rcotter@fnno.com

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