Analysts Bump Up Tractor Supply's Price Target After Q3 Results

Several analysts raised the price target on Tractor Supply Co TSCO following its Q3 results.
Citi analyst Steven Zaccone raised the price target to $220 from $185 and kept a Neutral rating on the shares.
Zaccone said the company reported a "significant" Q3 same-store sales and earnings beat based on strong business momentum and strategic growth initiatives reaping benefits.
Credit Suisse analyst Lavesh Hemnani maintained Tractor Supply with a Neutral and raised the price target from $190 to $215, suggesting a 2% upside.
Morgan Stanley analyst Simeon Gutman maintained Tractor Supply with an Equal-Weight and increased the price target from $200 to $215.
Loop Capital analyst Anthony Chukumba lifted the price target on Tractor Supply from $200 to $215.
The company reported "yet another beat and raise," and it is becoming increasingly clear that many pandemic-driven consumer behavior changes, including working from home and increased pet spending may be far more permanent than initially anticipated, Chukumba notes.
DA Davidson analyst Michael Baker raised the price target on Tractor Supply to $216 from $190. The company reported "another extraordinary quarter," delivering a message that the broader consumer trends that have enabled it to add 45% in sales since the pandemic began are sustainable.
Baker added that Tractor Supply positives include "rural revitalization," pet ownership, and homesteading, with the company also navigating supply chain issues "well."
Baird analyst Peter Benedict hiked the price target to $230 from $210, keeping an Outperform rating on the shares. The analyst said the business continues to benefit from favorable macro trends, improved brand awareness, and deeper engagement across customer cohorts.
Piper Sandler analyst Peter Keith raised the price target to $250 from $219 and reiterated an Overweight rating on the shares following the "strong" Q3 results.
Keith notes that the Q4 guidance for up 8%-10% comp looks solid, and survey work suggests this is probably still conservative.
Raymond James analyst Bobby Griffin maintained Tractor Supply with a Strong Buy and increased the price target from $215 to $245, implying a 16% upside.
Telsey Advisory Group analyst Joseph Feldman maintained Tractor Supply with an Outperform rating and increased the price target from $215 to $230, suggesting a 9% upside.
Price Action: TSCO shares are trading higher by 0.04% at $210.5 on the last check Friday.

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