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UPDATE: JP Morgan Upgrades Tractor Supply to Overweight on Pullback

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Morgan Stanley Reiterates Equal-Weight, Raises Price Target On Tractor Supply Company On Multiple Positive Factors
Nomura Raises Price Target On Tractor Supply Company Following 4Q14 EPS Report

JP Morgan raised its rating on Tractor Supply (NASDAQ: TSCO) from Neutral to Overweight and increased its price from $90 to $100.

JP Morgan noted, "Fundamentally we see the following as key reasons to buy the stock: (1) with 8% footage growth in a fragmented end market that has barriers to entry from the likes of AMZN and considering still early stage gross margin initiatives, TSCO remains a core growth holding and we believe it will maintain a premium valuation; (2) the drag from the warm early spring and drought pressures are getting behind us and the mix shifts to consumables and cold-sensitive products in the back half (against recordwarmth levels a year ago); (3) the business has accelerated in June and into July suggesting TSCO can thread the needle through tough 3Q comparisons into a better backdrop in 4Q and beyond (while management appropriately kept a conservative outlook)

Tractor Supply closed at $79.05 on Wednesday.

Latest Ratings for TSCO

DateFirmActionFromTo
Feb 2015OppenheimerUpgradesPerformOutperform
Jan 2015NomuraMaintainsBuy
Jan 2015JP MorganMaintainsOverweight

View More Analyst Ratings for TSCO
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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