New York, July 26 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has changed the outlook for Autozone (NYSE: AZO) from stable to positive and assigned a Baa2 rating to the multi seniority shelf registration to the company.
In a research note published yesterday, the analysts state that the change in outlook indicates AZO’s steady operating outperformance as witnessed by its segment leading operating margin which could continue to increase and is fast approaching 20 percent along with company’s private Duralast brand a key factor causing this margin.
The Baa2 ratings indicates AZO’s strong metrics and its market leading franchise, benefiting from compelling industry fundamentals like average age of vehicle and miles driven. Operating performance by margins continues to be the best in the segment by a wide margin with Duralast a key contributor.
Moody’s expects AZO to continue to tactically deploy store spending to ensure that stores remain at least as fresh as other competitors.
The company has its headquarters in Memphis, TN and is the largest dedicated retailer of the nation of automotive parts and supplies, having more than 4,500 stores in US and Puerto Rico, around 300 stores in Mexico and annual revenues of around $7.5 billion, the analysts say.
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