Several analysts boosted the price forecast for AutoZone, Inc. (NYSE:AZO) following second-quarter results reported on Tuesday.

The company reported second-quarter GAAP earnings per share of $28.29, missing the street view of $29.39 and sales of $3.952 billion (+2.4% year over year) missed the analyst consensus estimate of $3.981 billion.

Raymond James analyst Bobby Griffin maintained a Strong Buy rating and raised the price target from $3,850 to $4,000.

The analyst writes that they remain optimistic about the company's strong commercial performance, resilient gross margins, and long-term growth prospects despite lowering the FY25 EPS estimate to $153.10 (from $154.85).

The analyst says that the International growth, with ~100 new stores, remains a bright spot, despite near-term foreign exchange headwinds.

The Mega-Hub expansion remains key, with plans for 300 locations to boost both domestic retail (DIY) and DIFM availability, per the analyst.

Griffin writes that DIFM sales are rising, supported by better inventory placement and faster delivery.

While DIY traffic is under pressure, AZO is poised for a rebound as macro conditions improve, with potential upside from inflation and tariff effects, adds the analyst.

Guggenheim analyst Steven Forbes retained a Buy rating and raised the price forecast from $3,750 to $3,850.

The analyst writes that the results support his thesis of continued sequential improvement, highlighted by stronger DIY and DIFM comps.

While higher-than-expected investments in field labor led to a slight EBIT(DA) shortfall, the analyst anticipates these investments will mature in the next 12 months, setting up for stronger comp growth in the second half of 2025.