Deutsche Bank Gives Update On Tractor Supply Co. Following Analyst Day

Deutsche Bank attended TSCO annual analyst day / supplier conference and came away even more confident in the company's long-term growth outlook. Many of the planned initiatives remain in their very early stages and have not yet shown up in the recent better than expected results, implying incremental gains going forward.

Guidance seems conservative, but as expected Outside of the QTD 1Q11 commentary, TSCO re-affirmed FY11 EPS. Deutsche Bank is in fact only slightly raising its FY11 EPS estimates on the 1Q11 commentary, as it believes the bulk of the benefits from the initiatives will come in FY12 and beyond. Looking at past results relative to guidance on the outlook, Deutsche Bank believes that TSCO remains conservative as always. While DB is raising estimates, it also believes the new forecasts are not overly-aggressive, and in some cases, remain conservative.

Deutsche Bank raises its PT from $55 to $61 and has a Buy rating on TSCO

TSCO closed Thursday at $54.33