Analyst Robert Ohmes of Bank of America Securities reiterated a Buy rating on Tractor Supply, retaining the price target of $70.00.
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Robert Ohmes has given his Buy rating due to a combination of factors including Tractor Supply’s strategic initiatives and expected growth. The company has shown strong performance in the third quarter, with earnings per share aligning with expectations and comparable sales growth exceeding consensus estimates. This growth was driven by strong sales in seasonal products, despite some softness in discretionary categories.
Looking ahead, Ohmes is optimistic about Tractor Supply’s future, citing the company’s plans to open more stores and expand its direct sales capabilities. The strategic initiatives, such as Project Fusion and the growth of private label brands, are expected to drive further earnings and margin expansion. Additionally, opportunities in pet-related services and retail media are anticipated to contribute significantly to the company’s growth, supporting the Buy rating and the price objective of $70.
In another report released yesterday, Telsey Advisory also maintained a Buy rating on the stock with a $70.00 price target.
Based on the recent corporate insider activity of 86 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TSCO in relation to earlier this year.