AutoZone's (NYSE:AZO) Earnings Growth Should Continue to Excel

Even though there are several headwinds AutoZone (NYSE:AZO) is facing, their share repurchases and cost structure should enable them to whether whatever comes their way.

Barclays says, "We recently hosted investor meetings with members of AZO's management team. While the auto part industry might face brewing uncertainties over the next few quarters, our impression is that AZO's investment story is fortified by strong pillars of support from the flexibility of its cost structure and its strategy of actively repurchasing its shares. These factors should enable AZO to maintain strong earnings growth for the foreseeable future even if the combination of difficult sales comparisons, rising gas prices, and increasing new car sales weighs on industry sales trends."

Barclays boosted full year 2011 EPS estimate from $18.00 to $18.17 and full year 2012 from $20.47 to $20.57.

Barclays reiterates an 'Equalweight' rating on AutoZone (AZO), which closed Friday at $252.13, down $0.43, or 0.17 percent. Barclays raised their price target on AutoZone from from $265 to $270.