Why You Should Pay Attention to AutoZone Stock
AutoZone stock could be worth looking into for investors wanting a soldi performer that has already done well this year.
AutoZone (AZO) will be posting earnings for its quarter, and the expectation is that they will show earnings per share of $34.33. That would be incredible for them and would demonstrate a 5.5% gain from the same time last year.
The last time AutoZone posted quarterly earnings, that was the same day that the economy saw consumer confidence tank to the lowest point in three years. The stock is bearish right now, with a loss of 1.28% compared to the previous day. But this stock may be a good bet very soon, as it has great potential to climb over the long run.
Currently priced at $3,155, AZO stock started off at $2,567 this year. It has made a lot of progress over the course of 2024, and it is expected to grow even further. The current downward trend looks like just a temporary setback.
How AutoZone Compares to the Competition
When AutoZone is placed side by side against competition like O’Reilly Automotive Inc. (ORLY) and Advance Auto Parts Inc. (AAP), it looks like a better pick for investors.
Advance Auto parts is down to less than half of its overall 52-week high, and AutoZone is poised to benefit from the growing used vehicle market. With car repossession on the rise, consumers are looking to the affordably priced auto parts vendors for help in fixing up used vehicles. AutoZone occupies a large part of that market. The company has done particularly well with scaling its inventory and compensating for consumer demand.
AutoZone is expected to bring in $4.31 billion for the current quarter, which would be a 2.9% increase from the same quarter last year. That makes it a good candidate for investors who are looking for a stock with a proven track record. It is a safer investment than many of the “hot stocks” right now, as there will always be demand for its products. AutoZone’s long-term potential is incredible and should not be discounted.
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