During this recent market contraction it has been hard to find stocks that buck the trend and keep on growing. Barchart helped me find AutoZone (NYSE:AZO), a stock that still had 12 new highs and increased in price 4.78% while the general market - as measured by the Value Line Index of 1,700 stocks - is down 2.17% for the same period. As new car sales still are in a slump and the average age of the existing car get older, repairs with AutoZone parts should increase. The momentum has been impressive.
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- 100% Barchart technical buy signal
- Trend Spotter buy signal
- Above its 20, 50 and 100 day moving averages
- 12 new highs and up 4.78% in the last month
- Relative Strength Index 68.65% and rising
- Trades around 296.17 with a 50 day moving average of 278.39
- Wall Street brokerage analysts look for increases in both sales and earnings.
- Analysts released four strong buy, two buy and 15 hold recommendations.
- Sales are estimated to increase by 7.70% this year and another 4.80% next year.
- Earnings forecasts are to increase by 25.00% this year, another 13.50% next year and continue by 13.60% annually for the next five years.
- As measured on Motley Fool 648 readers have expressed an opinion.
- CAPS members vote 343 to 151 that the stock will beat the market.
- The more experienced All Stars agree with a 116 to 38 vote.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.