Jim Cramer on AutoZone: "I Am Not Backing Away"

AutoZone, Inc. (NYSE:AZO) is one of the stocks Jim Cramer shed light on recently. Answering a caller’s query about the stock during the episode, Cramer said:

That has been, you know, a bugaboo. Look, I think this is an incredibly well-run company. It generates a gigantic amount of cash. I think that this is, I’m going to say it again, I think this whole downturn in AutoZone is going to prove out to be a terrific buying opportunity. I am not backing away. AZO, I like very much.

AutoZone, Inc. (NYSE:AZO) sells and distributes automotive replacement parts, maintenance items, and accessories for cars, SUVs, vans, and light trucks. During the January 23 episode, a club member inquired whether the stock was a buy, sell, or hold. The Mad Money host replied:

Alright, this one mystifies me. I have been a believer in this stock for some time. They have the best buyback. Take a look. They’ve shrunk the float by 50% just in the last few years. There’s nothing, I thought, at first, I thought it was tariffed parts that could be a problem, tariffed parts. But at this point, I just don’t see a lot of downside. Yeah, I mean, we just had this nice pick up, but I think this is where you can get back in. It has been a mystery because I’ve been recommending the stock for more than 10 years.

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Disclosure: None. This article is originally published at Insider Monkey.