I will give you this much... if by a miracle, AZO starts heading up over the next week or two, then maybe the drift down from 165 makes it a good buying opportunity - for a trade, not an investment.
But Lampert has real problems with some of his other investments. And what about AZO's debt load? I think the prudent thing to do here is wait and see how analysts view the company after they've digested this earnings report. Although, I don't normally hold most analysts in high regard. But we'll see.
Any shift of the strong buys to just a buy or hold will send the shares spiraling another 5-9%. The analyst consensus is certainly a bit skewed to the top end.
Let's put it this way, using a qualitative scoring metric, where strong buys = 2, buys = 1, holds = 0, sells = -1, and strong sells = -2. On a weighted basis, this gives us a score of 0.5, or between buy and hold. I would expect the consensus to drift lower towards a hold overall.