AutoZone (AZO) (SOA) (WCRX) (WMS) (IGTE) (HITT) Ratings, Price Targets

AutoZone, Inc. (NYSE: AZO), Solutia Inc. (NYSE: SOA), Warner Chilcott (NASDAQ: WCRX), WMS Industries Inc. (NYSE: WMS), iGATE Co. (NASDAQ: IGTE) and Hittite Microwave (NASDAQ: HITT) ratings and price targets.

Jefferies Group (NYSE:JEF) reiterated its "Buy" rating on Solutia Inc. (SOA).

Canaccord Genuity reiterated its "Buy" rating on Warner Chilcott (WCRX).

Nomura (NYSE:NMR) reiterated its "Neutral" rating on WMS Industries Inc. (WMS).

iGATE Co. (IGTE) had its price target raised by Oppenheimer (NYSE:OPY) from $18.00 to $22.00. They have an “Outperform” rating on the company.

Hittite Microwave (HITT) was downgraded by DA Davidson from a “Buy” rating to a “Neutral” rating.

AutoZone, Inc. (AZO) was upgraded by Goldman Sachs (NYSE:GS) from a “Sell” rating to a “Neutral” rating.

Apple (AAPL) (AZO) (HOG) (A) (HD) (WMT) Ratings, Price Targets

Apple (NASDAQ: AAPL), AutoZone (NYSE: AZO), Harley-Davidson (NYSE: HOG), Agilent Technologies (NYSE: A), Home Depot (NYSE: HD) and Wal-Mart (NYSE: WMT) ratings and price targets.

Apple (AAPL) had its “Buy” rating reiterated by Sterne Agee.

AutoZone (AZO) had its “Buy” rating reiterated by Nomura (NYSE:NMR).

Harley-Davidson (HOG) had its “Neutral” rating reiterated by Citigroup (NYSE:C). They have a price target of $37.00 on the company.

Agilent Technologies (A) had its price target raised by UBS AG (NYSE:UBS) from $43.00 to $47.00. They have a “Buy” rating on the company.

Home Depot (HD) had its price target raised by Argus from $46.00 to $51.00. They have a “Buy” rating on the company.

Wal-Mart (WMT) had its price target raised by Telsey Advisory Group to $67.00.

AutoZone (AZO) (NIHD) (PCG) (PL) (ARW) (AVT) Ratings Reiterated

AutoZone, Inc. (NYSE: AZO), NII Holdings (NASDAQ: NIHD), PG&E Co. (NYSE: PCG), Protective Life Corp. (NYSE: PL), Arrow Electronics, Inc. (NYSE: ARW) and Avnet, Inc. (NYSE: AVT) had ratings on them reiterated by analysts.

Goldman Sachs (NYSE:GS) reiterated its "Neutral" rating on NII Holdings (NIHD).

Zacks Investment Research reiterated its "Neutral" rating on PG&E Co. (PCG). They have a price target of $43.00 on the company.

Goldman Sachs reiterated its "Neutral" rating on Protective Life Corp. (PL).

Goldman Sachs reiterated its "Neutral" rating on Arrow Electronics, Inc. (ARW).

Goldman Sachs reiterated its "Neutral" rating on Avnet, Inc. (AVT).

Zacks Investment Research reiterated its "Neutral" rating on AutoZone, Inc. (AZO). They have a price target of $355.00 on the company.

AutoZone (AZO) (DNDN) (DOW) (DRI) (ANR) (ARG) (AVAV) Ratings Reiterated

AutoZone, Inc. (NYSE: AZO), Dendreon Co. (NASDAQ: DNDN), The Dow Chemical Company (NYSE: DOW), Darden Restaurants, Inc. (NYSE: DRI), Alpha Natural Resources (NYSE: ANR), Airgas, Inc. (NYSE: ARG) and AeroVironment (NASDAQ: AVAV) had ratings on them reiterated by analysts.

ISI Group reiterated its "Hold" rating on AutoZone, Inc. (AZO). They have a price target of $321.00 on the company.

Wedbush reiterated its "Underperform" rating on Dendreon Co. (DNDN). They have a price target of $5.00 on the company.

Jefferies (NYSE:JEF) reiterated its "Hold" rating on The Dow Chemical Company (DOW).

Sterne Agee reiterated its "Buy" rating on Darden Restaurants, Inc. (DRI). They have a price target of $52.00 on the company.

Sterne Agee reiterated its "Buy" rating on Alpha Natural Resources (ANR). They have a price target of $35.00 on the company.

KeyBanc reiterated its "Buy" rating on Airgas, Inc. (ARG).

EarlyBird Capital reiterated its "Buy" rating on AeroVironment (AVAV). They have a price target of $36.00 on the company.

AutoZone, Inc. (AZO) (CX) (VRSN) (ATI) (SWN) (PCX) (AZO) Upgraded

AutoZone, Inc. (NYSE: AZO), Cemex SAB de CV (NYSE: CX), Verisign, Inc. (NASDAQ: VRSN), Allegheny Technologies Incorporated (NYSE: ATI), Southwestern Energy (NYSE: SWN), Patriot Coal Corp (NYSE: PCX) and AutoZone, Inc. (NYSE: AZO) upgraded by analysts.

Cemex SAB de CV (CX) was upgraded by Bank of America (NYSE:BAC) from an “Underperform” rating to a “Neutral” rating.

Verisign, Inc. (VRSN) was upgraded by Credit Agricole from an “Outperform” rating to a “Buy” rating.

Allegheny Technologies Incorporated (ATI) was upgraded by Citigroup (NYSE:C) from a “Sell” rating to a “Hold” rating.

Southwestern Energy (SWN) was upgraded by Robert W. Baird from a “Neutral” rating to an “Outperform” rating. They have a price target of $45.00 on the company, down from $47.00.

Patriot Coal Corp. (PCX) was upgraded by Citigroup (NYSE:C) from a “Sell” rating to a “Hold” rating.

AutoZone, Inc. (AZO) was upgraded by Oppenheimer from a “Perform” rating to an “Outperform” rating. They have a price target of $332.00 on the company.

Woodward (WWD) (ALL) (EOG) (ITRI) (AZO) (LCC) Upgraded

Woodward Inc (NYSE: WWD), Allstate (NYSE: ALL), EOG Resources (NYSE: EOG), Itron, Inc. (NASDAQ: ITRI), AutoZone, Inc. (NYSE: AZO) and US Airways Group, Inc. (NYSE: LCC) upgraded by analysts.

Woodward Inc. (WWD) was upgraded by Robert W. Baird from a “Neutral” rating to an “Outperform” rating. They have a price target of $39.00 on the company.

Allstate (ALL) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating. They have a price target of $33.00 on the company.

EOG Resources (EOG) was upgraded by Ticonderoga from a “Neutral” rating to a “Buy” rating. They have a price target of $110.00 on the company.

Itron, Inc. (ITRI) was upgraded by Robert W. Baird from an “Underperform” rating to a “Neutral” rating. They have a price target $41.00 on the company.

AutoZone, Inc. (AZO) was upgraded by Citigroup (NYSE:C) from a “Hold” rating to a “Buy” rating. They have a price target of $326.00 on the company.

US Airways Group, Inc. (LCC) was upgraded by Ticonderoga from a “Neutral” rating to a “Buy” rating. They have a price target of $9.00 on the company.

Advance (AAP) Drags (AZO) (MDS) (ORLY) (SMP) Down with it

After missing analysts' expectations in its latest quarterly report, shares of Advance Auto Parts Inc.'s (NYSE:AAP) got hammered on Thursday, closing down over 10 percent.

Also dragged down by the disappointing performance were competitors AutoZone Inc. (NYSE:AZO), Midas Inc. (NYSE:MDS), O'Reilly Automotive Inc. (NASDAQ:ORLY) and Standard Motor Products Inc. (NYSE:SMP).

For its fiscal first quarter, Advance did increase its profits slightly by 0.1 percent, and new stores were able to generate decent revenue. But same-store sales is what weighed on the company, as they dropped for the quarter.

Advance closed Thursday at $63.49, plunging $7.17, or 10.15 percent.

AutoZone closed at $277.15, falling $5.35, or 1.89 percent. Midas ended the session at $6.10, dropping $0.14, or 2.24 percent. O'Reilly Automotive Inc. closed at $58.59, down $1.60, or 2.66 percent. Standard Motor Products Inc. closed at $13.73, falling $0.98, or 6.66 percent.

Big Losers (AZO) (WTW) (OMPI) (CHD) (ARE) on May 6

Among the big, negative movers on Friday, May 6, were Autozone (AZO), Weight Watchers (WTW), Obagi Medical (OMPI), Church & Dwight (CHD) and Alexandria Real Estate (ARE).

Autozone (AZO) was down $3.72, to close at $281.56, a loss of 1.30 percent.

Weight Watchers (WTW) fell $3.51 on the day to close at $71.45, a loss of 4.68 percent.

Obagi Medical (OMPI) dropped $3.10 to close at $9.80, a loss of 24.03 percent.

Church & Dwight (CHD) declined $3.10 to close the session at $78.90, a loss of 3.78 percent.

Alexandria Real Estate (ARE) plunged $2.93 to end the day at $75.78, a loss of 3.72 percent.

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.

United Stationers (Nasdaq:USTR), Office Depot (NYSE:ODP), Home Depot (NYSE:HD) Top Retail Picks of FBR

FBR liked what they saw in general for hardline retailers in December, and released a report on a number of companies, of which their favorites are United Stationers (Nasdaq:USTR), Office Depot (NYSE:ODP) and Home Depot (NYSE:HD), all which they have an "Outperform" on.

FBR says, "Retail sales as reported by the census for hardlines (these companies do not report monthly comp store sales), were generally good for the categories we track in December, with all categories but one showing a sequential improvement in YOY trends. Most notable was Home Improvement (building materials, garden equipment and supplies dealers, NAICS 444) which was up +13.1% YOY. This was an acceleration from the +11.2% reported in October, and an improvement on a 3-year stacked basis. Consumer Electronics Sales (NAICS 443) improved to +1.8% YOY for the month of December, up from -0.4% in November. Based on the recent results and comments out of BBY & HGG (both included the month of December), as well as HD, the strength within this category was likely driven by appliances. Aftermarket Auto Parts were up +9.6% YOY, and this was up from +9.3% in November. So, the strength in after-market auto parts continues its pace. Home Furnishings were flat sequentially, at +1.4% YOY for the month of December. Strength in this category continues to be on the furniture side. Office Supplies (NAICS 4532) sales are reported on a one month lag, and these were up +7.7% in the month of November, up from -1.7% in October. While this category showed notable strength, it contradicts our channel checks, which have shown a slight deceleration in the month of November.

Those getting a "Market Perform" from FBR included Lowe's (NYSE:LOW), RadioShack (NYSE:RSH), Best Buy (NYSE:BBY), hhgregg (NYSE:HGG), OfficeMax (NYSE:OMX), AutoZone (NYSE:AZO), Advanced Auto (NYSE:AAP), and O'reilly (Nasdaq:ORLY).

Companies with an "Underperform" rating were Staples (Nasdaq:SPLS), Genuine Parts (NYSE:GPC), Tractor Supply (Nasdaq:TSCO), and Bed Bath & Beyond (Nasdaq:BBBY).

Advanced Auto (NYSE:AAP), AutoZone (NYSE:AZO), O'Reilly (Nasdaq:ORLY), Genuine Parts (NYSE:GPC) Vulnerable in 2011 Says FBR

With their strong performance of 2010 behind them, auto parts retailers like Advanced Auto (NYSE:AAP), AutoZone (NYSE:AZO), O'Reilly (Nasdaq:ORLY) and Genuine Parts (NYSE:GPC) are considered vulnerable by FBR Capital in 2011.

FBR said, "Auto parts retail has begun to experience underperformance vs. the S&P 500 over the last two trading days. Investors are starting to treat this group as a source of funds. This is consistent with our downgrade of AAP 11/8/10, as well as our 2011 outlook piece published 12/15/10.

"These stocks were a relative safe haven in 2010 and are therefore more vulnerable in 2011. 2010 outperformance vs. the S&P 500 was the following: Advanced Auto +63%, AutoZone +72%, O'Reilly +58% and Genuine Parts lagged but was also up 35% yoy, compared with the S&P 500 of 12.8% and the hardline retail group average of 27%. We believe the easy risk/reward money here has been made for the time being, and investors are likely to be more cautious with their positions in this group at this stage…hence, a source of funds. We expect this stance to continue. GPC looks particularly vulnerable, still trading at north of 16x NTM P/E, in our view. We would use sub sectors, such as home improvement (namely Home Depot (NYSE:HD)) or office supply (namely Office Depot/ODP or United Stationers (Nasdaq:USTR)) as uses of funds."

Home Depot (NYSE:HD), Lowe’s (NYSE:LOW), AutoZone (NYSE:AZO), O’Reilly (Nasdaq:ORLY), Genuine Parts (NYSE:GPC), Top Hardline Retail Picks of FBR

As part of its consumer outlook for 2011, FBR Capital gave its favorite picks for hardline retail, which included Home Depot (NYSE:HD), Lowe’s (NYSE:LOW), AutoZone (NYSE:AZO), O’Reilly (Nasdaq:ORLY) and Genuine Parts (NYSE:GPC).

FBR said, "Hardline retail outlook. Within our hardline retail coverage, certain of this past year’s laggards are set up relatively well to be 2011 outperformers, in our view. This is mainly the case for the home improvement companies: Home Depot (Outperform) and Lowe’s (Market Perform). This is due to near-trough levels of sales and earnings and stabilizing sales trends...We expect the outperformers of this past year, namely aftermarket automotive, to be significant laggards in 2011, and some investors may see this group in general as setting up as a source of funds. These stocks have been defensive safe havens in 2010. Our automotive coverage includes Advance Auto Parts (Market Perform), AutoZone (Market Perform), O’Reilly Automotive (Market Perform), and Genuine Parts Company (Underperform)."

Home Depot closed Wednesday at $34.79, up $0.07, or 0.20 percent. Lowe's closed at $25.16, up $0.05, or 0.20 percent. AutoZone closed down at $262.55, dropping $0.11, or 0.04 percent. O’Reilly ended at $62.01, up $0.20, or 0.32 percent. Genuine Parts closed at $50.80, up $0.05, or 0.10 percent.

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.

Autozone (NYSE:AZO) Comparable Store Sales up 9.5 Percent

Autozone (NYSE:AZO) beat expectations for their latest quarter, as same-store sales were up by 9.5 percent while revenue and earnings soared.

Revenue increased 12.1 percent to $1.8 billion, exceeding expectations of $1.71 billion.

Earnings came in at $3.77 a share, far above the $3.40 analysts estimated.

Deutsche Bank (NYSE:DB) noted, "We believe AZO has a flexible expense structure, enabling it to invest back strong comps when business is good. With comps continuing to remain strong AZO remains in investment mode, adding to its commercial programs and its hub store initiative."

They maintain a "Hold" rating on Autozone, which closed Tuesday at $260.15, losing $1.76, or 0.67 percent. Deutsche has a price target of $215 on them.

AutoZone (NYSE:AZO) Near-term Results Uncertain

With the Christmas season upon us, the auto parts industry has historically slowed down because of consumers focusing in on buying gifts. AutoZone (NYSE:AZO) and others will soon find out if that will again be the practice this year, as consumers holding on to their money could have created a demand during the cold season for car parts and maintenance.

Barclays (NYSE:BCS) said, "We will be paying close attention to any indication regarding trends over the past few weeks. During the last couple of years, the auto parts industry has seen a slowdown around the holidays as consumers allocate more of their spending dollars towards giftable items. We think the key to the near-term performance for the auto part stocks will be whether or not this deceleration has occurred this year.

"Given AZO's premium valuation (trading at 10x our CY'10 EBITDA estimate), we think the shares offer a balanced near-term risk/reward. We are raising our price target to $250, which equates to 14X our CY'11 EPS estimate of $18.11 (vs. our old $230 target, which equated to 13X our CY'11 EPS estimate of $17.67)."

Barclays reiterates their "Equalweight" on AutoZone, which closed Monday at $261.91, dropping $3.29, or 1.34 percent. They have a price target of $250 on them, up from the $230 they had before, implying they think the quarter will be slower.