UPDATE: Piper Jaffray Raises Target to $100 on Tractor Supply

Piper Jaffray reiterates its Overweight rating on Tractor Supply (NASDAQ: TSCO) and raises its price target to $100 from $81 ahead of Q4 earnings announcement on Wednesday.

Piper Jaffray says, "While TSCO shares have significantly outperformed in 2011, we expect continued outperformance in 2012 due to: (1) significant comp momentum heading into the new year; (2) gross margin expansion accelerating in 2012 due to key margin drivers and fading headwinds. With Q4 results already announced favorably, investor focus will be on the 2012 guidance."

TSCO closed at $80.89 a share on Monday.