The latest trading session saw AutoZone (AZO) ending at $3,196.55, denoting a +0.77% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 0.92% for the day. Elsewhere, the Dow lost 0.96%, while the tech-heavy Nasdaq lost 1.6%.

Shares of the auto parts retailer witnessed a gain of 4.21% over the previous month, beating the performance of the Retail-Wholesale sector with its gain of 1.69% and the S&P 500's gain of 2.68%.

Market participants will be closely following the financial results of AutoZone in its upcoming release. It is anticipated that the company will report an EPS of $33.60, marking a 3.23% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $4.3 billion, indicating a 2.61% growth compared to the corresponding quarter of the prior year.

AZO's full-year Zacks Consensus Estimates are calling for earnings of $158.09 per share and revenue of $18.8 billion. These results would represent year-over-year changes of +8.18% and +1.69%, respectively.

It is also important to note the recent changes to analyst estimates for AutoZone. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 2.64% fall in the Zacks Consensus EPS estimate. AutoZone is holding a Zacks Rank of #3 (Hold) right now.

In the context of valuation, AutoZone is at present trading with a Forward P/E ratio of 20.07. This signifies a discount in comparison to the average Forward P/E of 22 for its industry.

Also, we should mention that AZO has a PEG ratio of 1.61. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Automotive - Retail and Wholesale - Parts industry had an average PEG ratio of 1.53.

The Automotive - Retail and Wholesale - Parts industry is part of the Retail-Wholesale sector. This group has a Zacks Industry Rank of 209, putting it in the bottom 18% of all 250+ industries.