UBS analyst Michael Lasser reiterated a Buy rating and boosted his price target on Tractor Supply Company (NASDAQ: TSCO) to $110.00 (from $97.00) following strong EPS.

Lasser commented, "Once again, TSCO demonstrated it can comfortably grow its comp in the MSD range when the weather is cooperative. Its 1Q SSS of 4.9% exceeded our forecast of 4.0% (consensus estimate of 3.1%). Impressively, this resulted in a 10.6% 2-year comp stack, the highest this metric has been since 3Q'14. Notably, its comp growth was driven by a healthy 4.2% increase in traffic, while deflation held back its 0.7% average ticket by 25 bps. The steadiness in its oil patch stores is notable. We suspect the impact from deflation & the oil patch will stabilize in 2H'16. Some might nitpick that $18 mm in Easter sales were shifted from 2Q to 1Q. But, it's not clear if these sales were pulled forward and top-line trends were solid regardless. Still, we think the strength of the quarter, plus moderating headwinds, supports the bull case for TSCO."

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Shares of Tractor Supply Company closed at $90.07 yesterday.