During Wednesday afternoon's post-market session, BTIG Research's Alan Rifkin initiated coverage on three US Hardline/Broadline Retail stocks which he classified in the "Miscellaneous" group: Best Buy Co Inc BBY, Michaels Companies Inc MIK and Tractor Supply Company TSCO. The latter stock was the only one Rifkin viewed as acceptable for a Buy recommendation; both Best Buy and Michaels were assigned Neutral ratings.
Rifkin set a new $115 price target on shares of Tractor Supply.
"Tractor Supply is a unique company which represents characteristics of a growth company – namely square footage growth and strong comps, while also possessing the characteristics of a more mature company – namely steady dividend raises and continued share buybacks," the BTIG analyst said in his note.
"Over the next 3-5 years, we believe top line and bottom line growth prospects for Tractor Supply remain bright. As one of the few retailers in Hardline Retail with attractive square footage growth of 7%+ domestically projected through at least 2018, we are encouraged the company’s topline revenue stream results from a proven and relatively predictable growth model," Rifkin said.
With shares of Tractor Supply indicated about 0.2 percent higher to $96.77 in Wednesday evening extended-hours trade, Rifkin's new price target suggests possible upside of about 19 percent.
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