Nomura Securities analyst Jessica Schoen Mace reiterated a Buy rating and boosted her price target on Tractor Supply Company (NASDAQ: TSCO) to $105.00 (from $98.00) following "very strong" Q1 results.

Schoen Mace commented, "Tractor Supply reported a very strong 1Q16 EPS of $0.50, above our estimate and consensus. Strong execution in the quarter bodes well for continued momentum throughout the year. Although we are maintaining our fullyear expectations as the company navigates the remainder of the Spring season, we believe there could be upside to earnings results in the back half of 2016. In particular, we favor Tractor Supply's strong positioning as a needs-based retailer in light of continued choppiness amongst the consumer."

The firm maintained FY16E EPS at $3.48; FY17E EPS at $4.00.

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Shares of Tractor Supply Company closed at $90.07 yesterday.