UPDATE: Bernstein Starts Tractor Supply Company (TSCO) at Outperform

(updated to add analyst comment)

Bernstein initiates coverage on Tractor Supply Company (NASDAQ: TSCO) with a Outperform rating.

Analyst Brandon Fletcher comments "We believe TSCO is undervalued at 16X FPE relative to its strong growth in stores and comps. We see the same efficiency based margin opportunities in this retailer as with many others. Fortunately, this management team is already committed to continuous improvement which matters more to us than short term earnings risks from higher freight and wages."

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 $64.86 yesterday.

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