.png "Tractor Supply (NASDAQ: TSCO)")
In a report released today, Brian Nagel from Oppenheimer reiterated a Buy rating on Tractor Supply (NASDAQ: TSCO), with a price target of $90. The company’s shares closed yesterday at $79.64, close to its 52-week high of $82.68.
Nagel observed:
“We reiterate our Outperform investment rating on Tractor Supply (TSCO) and lift our price target on shares to $90. Earlier in 2018, we upgraded TSCO (on 4/27/18 at $66.66, a discounted share valuation and prospects for a steady top-line recovery, as macro pressures ease and internal initiatives further take hold. Shares have rallied and recently crossed our prior price objective. We closely reevaluated trends at the chain and the key tenets of our call. Our conclusion: While easy money in TSCO is now likely made, the run in shares is unlikely over. Inflation is now reemerging as a key top-line driver, helping to counter more difficult comparisons. Sustained sales momentum at TSCO should increasingly lend to expense leverage and ultimately a modest rebound in operating margins. TSCO represents one of the few remaining new unit expansion stories.”
According to TipRanks.com, Nagel is a 5-star analyst with an average return of 8.6% and a 65.3% success rate. Nagel covers the Services sector, focusing on stocks such as Restoration Hardware Holdings Inc, Lululemon Athletica Inc, and Dick’s Sporting Goods.
Tractor Supply has an analyst consensus of Strong Buy, with a price target consensus of $88.11.
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Tractor Supply’s market cap is currently $9.7B and has a P/E ratio of 20.69. The company has a Price to Book ratio of 6.90.
Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of TSCO in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Tractor Supply Co. engages in the retail sale of farm and ranch products. It operates retail farm & ranch stores and focuses on supplying the lifestyle needs of recreational farmers and ranchers, as well as tradesmen and small businesses. The firm operates the retail stores under the names: Tractor Supply Company, Del’s Feed & Farm Supply, and Petsense.
