Tractor Supply estimates under review at Stephens after Q4 report

Stephens put the firm’s Tractor Supply estimates and price target under review after the company reported Q4 EPS of $2.28 that beat the firm’s and consensus estimates of $2.12 and $2.22, respectively. The EPS beat was driven by higher gross margin, partially offset by higher core operating expenses, lower revenue and a higher share count than the firm forecast. Tractor Supply offered 2024 guidance that brackets consensus, but is likely above buyside expectations, added the analyst. The firm, which says the “better than feared” Q4 results and guidance could push up buyside numbers, thinks shares feel “fairly valued for the current low-single digit SSS growth” and it keeps an Equal Weight rating on the stock.