AutoZone (AZO) has one of the highest share prices on the market, but one research team൩ thinks the stock could command even more.&nb✱sp;

Bank of America Securities on Wednesday upgraded its rating of AutoZone stock to “buy” from “neutral” and increased its target price more than 23% to $4,800. That’s about 24% above Tuesday's closing price and roughly 17% above the average target price among analysts who follow AutoZone and were polled by Visible Alpha. 

The auto parts company is making gains with both professional and non-professional auto repair customers and may benefit if budget-minded consumers fix their existing cars rather than buy new ones to avoid elevated prices caused by 澳洲幸运5官方开奖结果体彩网:auto tariffs, the analysts said in a research note. 

♑ Fixing Cars Gains Appea♔l Amid Auto Tariffs, Analysts Say

“Auto parts retailers are likely to pass on the incremental costs” of tariffs, Bank of America wrote, adding: “We think consumers will be more willing to pay the extra cost to fix their existing vehicles than purchasing new vehicles, especially when the auto tariffs could mean a $3,285 increase on average for US-assembled vehicles and𒁏 higher for imported vehicles.”

Bank of America estimates AutoZone will report 2% year-over-year growth in comparable sales in its fiscal third-quarter results, slated to be released next Tuesday. The analysts are forecasting $38.15 in 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS), above the $36.89 consens🗹us EPS estimate from Visible Alpha. 

AutoZone’s shares are the third most expensive in the 澳洲幸运5官方开奖结果体彩网:S&P 500, after the homebuilder NVR (NVR) and the online travel company Booking Holdings (BKNG). AutoZone shares were recently down 0.4%, closing at $3870.87 on Wednesday, but remain 37% higher than they were a year ago.