Autozone Shifts Back Into Rally-Mode, New Highs Are In Sight

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The market for Autozone (NYSE:AZO) stock pulled back from a fresh all-time high ahead of the FQ4 earnings release because there was cause for concern. Not only was the stock trading at an above-average P/E for the S&P 500 (NYSEARCA:SPY) and well above its peer Advance Auto Parts (NYSE:AAP) but the fundamental set-up favored Advanced Auto Parts because of the channel mix. Advance Auto Parts has less exposure to DIY sales and the DIY channel was and is projected to be weaker in the near term, spurring the analyst to act, but their negativity appears to be misplaced. Q2 2022 hedge fund letters, c…

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