UPDATE: Piper Jaffray Raises Tractor Supply's PT

According to a research report published earlier today, Piper Jaffray has increased Tractor Supply's

PT from $105 to $115. In the report, Piper Jaffray said, "Recall that TSCO pre-announced favorable sales results on 4/12/12 and increased EPS guidance to a range of $0.53-$0.55 which was well above consensus. While the company continues to execute well and April appears to be strong, the company cautioned that April and May need to be viewed together due to last year's slow start to spring. Following the release we believe that TSCO has left themselves plenty of room for further beat and raise quarters throughout F12 and believe share repurchases will be more meaningful for the remainder of the year (only 55k shares for $4.1M repurchased in Q1)." Piper Jaffray maintains its Overweight rating on Tractor Supply, which closed yesterday at $97.49.