Piper Jaffray Raises PT On TSCO To $59

Piper Jaffray, citing Q1 results that topped estimates, raised its price target on Tractor Supply Company TSCO from $50 to $59. Says Piper Jaffray, in its report, “We are maintaining our Neutral rating but raising our price target to $59 from $50 based on 22x (prev. 19x) our new F11 EPS estimate of $2.67, which is higher than current consensus of $2.65 and slightly above the mid-point of guidance of $2.62 to $2.70. We continue to view TSCO as a high-quality growth stock; however we are mindful of a slow start to Q2 due to cold weather conditions in parts of the northern U.S. and droughts in parts of the southern U.S. Q2 F11 represents ~44% of F11 earnings based on our current estimates.” As mentioned, Piper Jaffray is maintaining its Neutral rating on the stock. TSCO closed yesterday at $62.97.