In a report released today, Brian Nagel from Oppenheimer reiterated a Buy rating on Tractor Supply (NASDAQ: TSCO), with a price target of $100. The company’s shares closed yesterday at $88.61, close to its 52-week high of $91.92.
“We reiterate our Outperform investment rating on shares of Tractor Supply (TSCO). On Thurs., Sep. 13th, we and a small group of clients met with TSCO senior management at the company’s HQ near Nashville. We discuss key takeaways from our meeting inside. Earlier this year, we upgraded TSCO upon prospects for a steady top-line recovery, mainly as macro pressures eased and internal initiatives gained further traction (4/27/18 at $66.66). Overall, we walked away from our conversation with management increasingly confident that the company is capitalizing upon a better sector and spending backdrop, all while utilizing an improved tech backbone to better connect with core consumers. Our price target on TSCO goes to $100 (up from $90) and suggests upside potential of nearly +15% from current levels.”
According to TipRanks.com, Nagel is a 5-star analyst with an average return of 11.1% and a 66.4% success rate. Nagel covers the Services sector, focusing on stocks such as Weight Watchers International, Lululemon Athletica Inc, and Dick’s Sporting Goods.
Tractor Supply has an analyst consensus of Moderate Buy, with a price target consensus of $87.33, a -1.4% downside from current levels. In a report released yesterday, Wells Fargo also maintained a Buy rating on the stock.
Tractor Supply’s market cap is currently $10.79B and has a P/E ratio of 23.02. The company has a Price to Book ratio of 7.68.
Based on the recent corporate insider activity of 36 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.
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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.