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.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on TSCO:
- Tractor Supply price target raised to $270 from $255 at Raymond James
- Tractor Supply price target raised to $240 from $230 at Wedbush
- Tractor Supply earnings selloff a buying opportunity, says Piper Sandler
- Baird still likes fundamental setup for Tractor Supply despite ‘modest’ Q1 miss
- Tractor Supply backs FY23 diluted EPS view $10.30-$10.60, consensus $10.51