UPDATE: Oppenheimer Raises PT on Tractor Supply to $100

Oppenheimer raises its price target on Perform-rated Tractor Supply

from $85 to $100 following the company's positive pre-announcement. Oppenheimer notes, "We look very favorably upon TSCO's positive pre-announcement this morning. The company now expects Q1 (Mar.) EPS of $0.53-$0.55, easily outpacing a current consensus figure of $0.32. Comps increased 11.5% vs. our forecast for a 5-7% gain. Management estimates benefits from the early spring weather contributed about $0.09-$0.11 to Q1 earnings. TSCO also lifted full-year EPS guidance to $3.52-$3.60 from $3.38-$3.46. Although the early spring clearly benefited Q1 results, we believe the underlying business has continued to improve. With shares trading at 25x our revised FY12 EPS estimate, we believe investors should wait for a better entry point." TSCO closed at $92.30 on Wednesday.