Deutsche Bank Reports Tractor Supply 1Q11 Has Potential For Upside

According to Deutsche Bank, Tractor Supply TSCO 1Q11 has potential for upside. Deutsche Bank reported that TSCO reports 1Q11 earnings AMC on Wednesday, April 20th. “While the company never provided explicit 1Q11 guidance, it has provided several general guidance points starting in its 4Q10 release. At that time, management commented that it was expecting 1Q11 earnings down y/y given that 1Q was historically a break-even quarter until 1Q10, when TSCO reported EPS of $0.15 vs $0.03 in 1Q09. At the same time, management commented that 1Q sales had reached a critical mass necessary to drive positive earnings on a sustainable basis. FY10 comps were projected at 2.5% - 4.5%, and we believe that 1Q11 was projected to be in a similar range.” Tractor Supply closed yesterday at $63.77.