Tractor Supply price target raised to $264 from $256 at Piper Sandler

Piper Sandler analyst Peter Keith raised the firm’s price target on Tractor Supply to $264 from $256 and keeps an Overweight rating on the shares. The firm’s farm and ranch channel checks suggest a surge in demand for baby chicks to start the year. This demand dynamic should be a unique benefit to Tractor Supply and the farm and ranch channel, as most large box retailers don’t have a meaningful presence in the category, the analyst tells investors in a research note. Piper raised its 2023 and 2024 estimates as it sees "long-tail benefits" to the company from this trend.