Baird analyst Peter S. Benedict said Tractor Supply reported a "solid finish to a strong year." Given that he sees revenues trends as "seemingly healthy" and thinks EBIT margins are poised to stabilize, he recommends buying shares on today's pullback. He maintains an Outperform rating and $100 price target on Tractor Supply shares.

Truist analyst Scot Ciccarelli raised the firm's price target on Tractor Supply to $289 from $277 and keeps a Buy rating on the shares after its Q1 earnings beat. The company's comp gain of 1.1% was driven by an increase in traffic, while its gross margins also increased and its SG&A was better than expected, the analyst tells investors in a research note. Weather volatility remains a headwind, but the company is seeing positive customer trends, inflation comparisons are poised to ease, and big-ticket sales have started to inflect positive, the firm added.

Benchmark raised the firm's price target on Tractor Supply to $280 from $256 and keeps a Buy rating on the shares after Q1 results came in above the firm's estimates as sales and margins were above plan. The firm, which notes its 2024 EPS estimate is raised to $10.36, continues to recommend purchase of Tractor Supply shares.

UBS raised the firm's price target on Tractor Supply to $272 from $240 and keeps a Neutral rating on the shares. Tractor Supply continues to put up steady results in an environment that seems to be losing steam by the day, the analyst tells investors in a research note. The company is seeing strength in its seasonal categories, but the rising service share of PCE continues to be a headwind, and while the company has demonstrated that it can effectively operate in a range of backdrops, UBS thinks the near-term upside potential is already priced in.

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