Tractor Supply price target raised to $66 from $60 at Piper Sandler

Piper Sandler raised the firm’s price target on Tractor Supply (TSCO) to $66 from $60 and keeps an Overweight rating on the shares. The firm says its Q2 Farm & Ranch retailer survey posted a median comp of +2.5%, which was an improvement from the Q1 median of +0.5%. While temps and rainfall appear to have been disruptive early in Q2, these weather conditions created a prolonged growing season which helped June comp, with continued strength for July. For Tractor Supply, Piper maintains its Q2 comp estimate of 0.5%, which is in line with expectations.