Tractor Supply (TSCO): Owning The Rural Consumer
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Guggenheim analyst, Steven Forbes, reiterated his Buy rating on shares of Tractor Supply Company (NASDAQ: TSCO) after the company announced the acquisition of Petsense—a growth-oriented pet specialty retailer—for $116M.
Due to the the timing of this acquisition, the analyst believes it was likely opportunistic as well as fitting into the secular growth strategy of "owning" the rural consumer. TSCO's accelerated expansion into the pet specialty category is a natural extension of its HomeTown Pet initiative, which launched in 2014 with two locations to learn more about the pet category as well as the specialty consumer.
No change to the price target of $90.
Shares of Tractor Supply Company closed at $68.24 yesterday.
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