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Auto parts retailer AutoZone (NYSE:AZO), Advanced Auto Parts (NYSE:AAP) and O’Reilly Automotive (NASDAQ:ORLY) are notable gainers on Monday as the market remains volatile.
The auto retail sector has been marked by a whole thematic defensive play The non-discretionary characteristics and momentum show significant gains against the S&P in recent months. In fact, both O’Reilly Automotive and AutoZone are marked by Wells Fargo as top motivational pickswith the latter being chosen as the number one motivational choice in the consumer discretion category.
“Aftermarket retailers remain relatively well-positioned in our view due to aging fleets, auto shortages, professional resurgence, and potential transition of power amid inflation.” , Evercore ISI told customers in a recent notepointed out the positive industry dynamics also supported the stocks.
Shares of O’Reilly Automotive were up 1.97% in afternoon trading on Monday while AutoZone (AZO) and Advanced Auto Parts (AAP) increased by 2.61% and 2.46% respectively.
Read more about other defensive names despite the overall market downtrend on Monday.
