Tractor Supply Company (TSCO) Bullish View Reiterated at Oppenheimer Following CEO Conversation
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Oppenheimer analyst Brian Nagel is telling clients Thursday to buy the near-term weakness in Tractor Supply Company (NASDAQ: TSCO) after speaking with CEO Greg Sandfort earlier in the week.
Nagal notes the stock morphed into one of the most volatile and controversial names in the Hardlines group and a number of downgrades at sell-side competitors makes their view "non-consensus."
The analyst notes Sandfort is very respected among investors as a top-notch retail veteran and a key architect of the improved operational and merchandising prowess of Tractor Supply. Nagal left the conversation having more conviction in their positive call on TSCO shares.
A few key takeaways:
1) the recent acquisition of Petsense represents an opportunistic purchase that should over time make for a new, independent growth driver for the company;
2) guidance issued on Sept. 7th takes into consideration numerous headwinds, including weather and spotty economic weakness; and
3) data suggest that behind the effects of ongoing cyclical challenges, the TSCO business continues to perform well.
The firm maintained a Outperform price target of $80, suggesting upside of nearly 20% from current levels.
Shares of Tractor Supply Company closed at $67.24 yesterday.
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