Mizuho Securities analysts started covering AutoZone (NYSE:AZO) with a Buy rating and a price target of $3,450, highlighting the company’s strong push into the over $90 billion U.S. commercial parts market, where it currently holds about a 5% share.

The analysts see this as just the beginning, with a potential additional $2-3 billion revenue opportunity in the medium term, especially as competitor Advance Auto faces challenges. AutoZone’s leading position in the Do-It-Yourself (DIY) sector, combined with price stickiness, international growth prospects, and a significant share buyback program, positions it as a top pick in the auto parts sector according to the analysts.

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