Goldman Sachs Upgrades Tractor Supply Company (TSCO) to Buy, 'Likely Positive Comp in 2021'
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(Updated - February 8, 2021 6:20 AM EST)
Goldman Sachs analyst Kate McShane upgraded Tractor Supply Company (NASDAQ: TSCO) from Neutral to Buy with a price target of $123.00 (from $144.00).
The analyst comments "We Upgrade TSCO to Buy from Neutral for the following reasons: 1) we think the company can “comp the comp” in 2021 driven by new customers, new initiatives (Fusion and Side Lot), ongoing strong execution in digital and a prolonged benefit of those investing in their home; 2) we note an increasingly inflationary environment which traditionally benefits TSCO comps; and 3) TSCO valuation is currently trading at a discount (-6%) to the market versus its two year average that has traded at a premium to the market (+9%)."
Shares of Tractor Supply Company closed at $151.50 yesterday.
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