Deutsche Bank Raises PT On TSCO To $70

Deutsche Bank, reporting on 1Q11 results, has raised its price target on Tractor Supply Company TSCO from $61 to $70 and is maintaining its Buy rating. In the report, Deutsche Bank writes, “TSCO reported 1Q11 EPS of $0.24, ahead of guidance and Street expectations of $0.15. TSCO reported comps of 10.7% vs guidance of mid single digits, with strength across geographies and product categories. The strong top line results translated into significant expense leverage, driving operating margins up 112 bps y/y. We maintain our Buy rating predicated upon above average square footage and EPS growth, and the potential for additional upside as the company further leverages its recent and current investments.” TSCO closed yesterday at $62.97.