Tractor Supply Company (TSCO) Bullish View Reiterated at Oppenheimer Following CEO Conversation

October 6, 2016 10:24 AM EDT
Get Alerts TSCO Hot Sheet
Price: $76.05 --0%

Rating Summary:
    13 Buy, 11 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 29 | New: 6
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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.

For an analyst ratings summary and ratings history on Tractor Supply Company click here. For more ratings news on Tractor Supply Company click here.

Shares of Tractor Supply Company closed at $67.24 yesterday.

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