AutoZone - onward and upward?
On 2024-03-09, a change occurred in the market expectations for AutoZone, Inc. (AZO)'s earnings as it prepares for its next results.
Investors use earnings estimates to compare a company's performance with industry peers and sector benchmarks, aiding in the identification of relative strengths and weaknesses. Average EPS has been revised up from 150.16 to 153.07 by 24 analysts.
The average EPS (yearly) is expected to be at 153.07 for the period ending on 31-08-2024 between expected lower and upper bands at 147.96 and 158.85 respectively. This is an increase of about 0.156 from the EPS of 132.36 from a year ago. Similarly the average revenue is expected to be at 18678100000 between expected lower and upper bands at 18325900000 and 18912300000 respectively. As compared to the revenue of 17457200000 from a year ago, the current estimate indicates an increase of roughly 0.07
In the wake of such estimate increases, investors generally seek to act fast in securing new positions at lower prices, anticipating positive results.
AZO insiders reported transactions on the stock market since 13-12-2023.
Insider transactions serve as a barometer of market sentiment surrounding a company, providing valuable insights into how insiders perceive its current and future performance.
There were no insider transactions on the buy side while their weighted average sale price of 2551.62 Insiders have been actively disposing of shares before the earnings, suggesting the possibility of negative earnings and subsequent price fluctuations.
On 2024-03-05, the price expectations for AZO underwent a transformation.
In their thorough research evaluations, analysts outline a price band for a particular stock, providing investors with essential guidance for their investment choices. Analysis from 20 leading market analysts indicates that AZO's future price is forecasted to fall within the range of 2600.0 to 3556.0, with an average projection settling near 3222.93.
Any increase in price projections reflects an adjustment in analysts' thinking which gets picked up by investers and generally ignites a bullish upsurge.
Technical Summary
The current price of 3060.28 finds support at 2475.12 and resistance at 2529.68.
The PSAR continues to be bullish in its current outlook.
The K-line is below the D-line on the stochastic indicator and the K-line is above 80. This may be the start of a bearish price move.
The moving averages for 20-50-100 are aligned bearishly but the slopes for the 20/50 SMAs are starting to waver, indicating a possible move to a bullish price action soon.
DISCLAIMER: We provide information and our musings based on events, but nothing on this site can be considered professional advice of any kind.
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