Wait for AutoZone (NYSE:AZO) Pullbacks Says Wedbush

Wedbush advises investors to wait for AutoZone (NYSE:AZO) to go down before investing in the company, as they see their valuation as being full.

They said that "the company continues to gain share in both DIY and commercial, while also managing working capital and FCF generation to support share buybacks. That said, we believe current valuation of -15x appears full and therefore prefer to be opportunistic on pullbacks."

Wedbush reiterates a "Neutral" rating on AutoZone, which closed Wednesday at $262.57, up $2.42, or 0.93 percent. They have a price target on the parts supplier of $276.