Nomura Securities Reiterates a 'Buy' on Tractor Supply Company (TSCO); Don’t Let the Chart Fool You

Nomura Securities reiterates a 'Buy' on Tractor Supply Company (NASDAQ: TSCO) price target raised from $73 to $87.

Nomura analyst, Aram Rubinson, said, "Many investors bemoan ‘missing’ the boat in Tractor Supply. We are reiterating our Buy on TSCO shares. The company offers a rare combination of 8-10% unit growth, strong comp sales (+7% for the past two years), EBIT margin expansion (40bp p.a. sustainably) and capital return (buyback and dividend). While TSCO shares have not pulled back on an absolute basis, we are struck by how attractive they have begun to look relative to other less compelling situations. We raise our target price to $87 from $74, assuming 9-10x 2013 EBITDA one year from now. TSCO will attend the ICR conference in Miami later this week and it is scheduled to report Q4 EPS on January 26."

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 $69.71 yesterday.

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