Tractor Supply (TSCO): Reiterate Buy Ahead Of Earnings - Guggenheim
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Guggenheim analyst, Steven Forbes, reiterated his Buy rating on shares of Tractor Supply Company (NASDAQ: TSCO) along with the price target of $90 ahead of earnings.
The analyst believes that TSCO's recent headwinds pertain more to macro-related issues (than micro), fully expects operating momentum to reaccelerate into 2017, and sees TSCO's 3Q (pre-announced) operating results as a performance trough.
Therefore, he believes, lower expectations (on the back of last month's reset) and a more modest valuation position the shares for outperformance looking ahead to 2017.
The company expects to announce official 3Q earnings on 10/19.
Shares of Tractor Supply Company closed at $67.38 yesterday.
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