AutoZone (AZO) is facing near-term pressures from increasing oil prices, potentially weighing on the company's fiscal Q4 and 2027 results, Oppenheimer said in a Friday note.

The recent spike in oil prices worsens the already challenging macro environment for the company and is likely to negatively impact its do-it-yourself segment and discretionary demand for auto parts, the brokerage said.

This prompted Oppenheimer to cut its comparable sales growth forecast for the company to between flat and 2% for fiscal Q4 and 2% to 4% for fiscal 2027, according to the note. The investment firm previously projected a 2% to 4% comparable sales growth for fiscal Q4 and 3% to 5% for fiscal 2027.

AutoZone's ongoing strategic investments, however, have the potential to drive market share gains as macro headwinds wane, Oppenheimer noted.

AutoZone is set to release its fiscal Q4 results on Sept. 22.

Oppenheimer removed AutoZone from its top pick list and cut its price target to $3,500 from $4,300, with an outperform rating.

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