Shares of auto parts distributor, AutoZone broke down more than 3 percent despite reporting better-than-expected earnings Tuesday.
The second-largest U.S. auto parts retailer saw a 7.4 percent rise in quarterly profit because of high demand in North and South America, and beat the street on both the top and bottom lines.
The stock is up around 10 percent this year, so should investors zone in on the name?
"From a portfolio strategy perspective, we don't particularly like consumer discretionary stocks," said Andrew Burkly of Oppenheimer. "But if I had to be in discretionary, this wouldn't be a bad name to be in."
Although he's not overly enthusiastic on the name, Burkly cited Autozone's strong earnings and continued growth.
"The stock just put up its 31st straight quarter of double-digit earnings growth. It's got good momentum, and valuation is a slight discount to the overall market."
Sharing the same neutral opinion is Rich Ross of Auerbach Grayson, who said, "If I owned the stock I would hold it here but I would not be a fresh buyer."
Ross said that while the stock has performed fantastically since 2008, but he would rather buy on a pullback from current levels.
His advice, wait for a move back down to its 100-week moving average, or around $427 dollars per share.