AutoZone, Inc. (AZO) delivered a quarter that Wall Street wasn't exactly thrilled about, but the reaction suggests the disappointment was relatively mild. The auto parts retailer reported first-quarter results on Tuesday that missed estimates on both the top and bottom lines, yet shares still managed to climb the next day.

The numbers tell the story: AutoZone posted earnings per share of $31.04, falling short of the analyst consensus of $32.37. Revenue came in at $4.629 billion, representing 8.2% year-over-year growth, but still missing the Street's expectation of $4.637 billion. Not a disaster, but not what analysts had penciled in either.

CEO Phil Daniele focused on the growth story in his statement, highlighting the company's expansion plans. "We were especially pleased to open 53 net new stores globally in the quarter and we plan to aggressively open stores over the remainder of the fiscal year as we continue our focus on gaining market share," he said.

Interestingly, AutoZone shares rose 2.8% to trade at $52.99 on Wednesday, suggesting investors aren't overly worried about the near-term hiccup.

Still, analysts had some recalibrating to do. Following the earnings announcement, at least six firms adjusted their price targets downward while keeping their bullish outlooks intact:

• BMO Capital analyst Tristan Thomas-Martin maintained an Outperform rating but lowered the price target from $4,600 to $4,400
• Guggenheim analyst Steven Forbes kept his Buy rating and cut the target from $4,600 to $4,400
• Mizuho analyst David Bellinger maintained an Outperform rating while trimming the target from $4,050 to $3,850
• Barclays analyst Matthew McClintock stuck with an Overweight rating but reduced the target from $4,510 to $4,318
• DA Davidson analyst Michael Baker maintained a Buy rating and lowered the target from $4,850 to $4,500
• UBS analyst Michael Lasser kept his Buy rating but cut the target from $4,800 to $4,325

The pattern is clear: analysts are adjusting their expectations but not abandoning ship. Every single one maintained a positive rating, which suggests they view this quarter as a bump in the road rather than a fundamental problem with the business.