UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Tractor Supply Company
In a company update issued earlier today, the Goldman Sachs Group, Inc. reiterated its Neutral rating on Tractor Supply Company (NASDAQ: TSCO), but raised its price target from $85 to $94.
Goldman Sachs said in the update “TSCO sharply raised 1Q12 and FY12 guidance, based – at least in part – on the benefits of warm weather on its outdoor driven businesses. The quarter began on a modest note, we believe, but the unusually warm March led to a surge in trends as the quarter closed...Traffic and ticket both beat our forecast, but ticket more so, suggesting some benefit from a strong macro backdrop, though resilient commodity inflation and the pull-forward of big-ticket outdoor power equipment contributed as well.”
Tractor Supply Company closed at $97.99 yesterday.
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