UPDATE: Guggenheim Maintains Tractor Supply Company (TSCO) at Buy, Raises PT (correction)
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Guggenheim analyst Steven Forbes maintains Tractor Supply Company (NASDAQ: TSCO) at Buy with a price target of $200.00 (from $180.00).
The analyst comments "Not only do we expect TSCO to report solid, above-consensus, 1Q 2020 operating results later this month (April 22), but we view the recent Neighbor's Club loyalty program upgrade as yet another tailwind to TSCO's secular growth outlook. Bottom line, although TSCO will have to cycle difficult top-line compares starting in the 2Q, it's important to remember that 2021 is the first year in which the company should begin to capture a full-year ROI from its various productivity initiatives, including: a) re-envisioned side lots—150-200 projects planned, b) project fusion remodels—150-200 projects planned, c) FAST Initiatives—supported by 1,200-1,500 dedicated team members, and d) a revamped loyalty program. In turn, we expect TSCO to experience an acceleration in underlying "core" growth ahead of these compares, setting the stage for a solid 2021. We are raising our estimates and price target (to $200 from $18)...).
Shares of Tractor Supply Company closed at $179.51 yesterday.
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