UPDATE: J.P. Morgan Maintains Neutral Rating, Raises PT for Tractor Supply
In a report issued earlier today, J.P. Morgan & Co. maintained its Neutral rating for Tractor Supply Company (NASDAQ: TSCO) and raised its price target from $75.00 to $96.00.
J.P. Morgan went on to say “TSCO reported an impressive start to the year thanks to solid execution and favorable weather. Despite a company-estimated $34-38mm ($0.09-0.11 EPS) in potential demand pull forward, we anticipate continued EPS upside in the quarters ahead (albeit at a more moderate pace). With the stock currently trading at a 25x multiple, we believe upside will need to be driven by upward earnings revisions.”
Tractor Supply Company closed at $98.41 yesterday.
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