Deutsche Bank Reiterates Buy on Tractor Supply

Deutsche Bank is out with its report today on Tractor Supply TSCO, reiterating Buy. In a note to clients, Deutsche Bank writes, "TSCO reported 2Q11 EPS of $1.23 on comps of 4.6% vs consensus of $1.20 and comps of approximately 4.5%. While there could be some disappointment in the comp, as we believe the whisper number was closer to 5% - 6%, we note that a late start to spring in the NE and an extended drought in the southeast (1/3 of store base) negatively impacted sales. Our view remains longer-term based on out-sized sales and earnings growth, and we would be buyers on any weakness. We reiterate our Buy rating." Deutsche Bank maintains an $80 PT on TSCO. Shares of TSCO closed Wednesday at $70.67, up 1.10% from Tuesday's close.