Tractor Supply price target raised to $280 from $270 at Oppenheimer

Oppenheimer analyst Brian Nagel raised the firm’s price target on Tractor Supply to $280 from $270 and keeps an Outperform rating on the shares. The firm argues that Tractor Supply affords investors a number of key positives, including compelling new-unit expansion prospects; internal, productivity-boosting initiatives, which are beginning to scale; leverage to favorable demographic shifts; solid balance sheet and cash flow; and a still accommodative share valuation. Nearer-term, Oppenheimer is increasingly optimistic that potentially favorable spring/summer weather conditions could serve as an incremental lift to already solid underlying sales trends.