Tractor Supply Company (NASDAQ:TSCO) reported better-than-expected fourth-quarter earnings on Thursday.

Tractor Supply reported a fourth-quarter FY23 sales decline of 8.6% year-on-year to $3.66 billion, marginally missing the consensus of $3.67 billion. Adjusted EPS of $2.28 beat the Wall Street view of $2.22, according to data from Benzinga Pro.

Comparable store sales decreased by 4.2%, driven by a comparable average ticket decline of 1.5% and a comparable average transaction count decrease of 2.7%.

For FY24, the company expects EPS of $9.85 – $10.50 versus the $10.32 estimate. It sees net sales of $14.7 billion – $15.1 billion versus the consensus of $15.03 billion. The company sees comparable store sale growth of (1.0%) – +1.5%.

Tractor Supply shares gained 4.6% to close at $234.90 on Thursday.

These analysts made changes to their price targets on Tractor Supply after the company reported quarterly results.

• Telsey Advisory Group raised the price target on Tractor Supply from $245 to $250. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating.
• Raymond James increased Tractor Supply price target from $230 to $250. Raymond James analyst Matthew McClintock downgraded the stock from Strong Buy to Outperform.

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