Piper Jaffray analyst Peter Keith raised his price target for Tractor Supply to $125 from $114 following his Q2 Farm & Ranch survey and channel work. The analyst believes the company is successfully lapping tougher compares with improving industry trends and internal drivers. Tractor Supply's set-up for "strong" earnings growth in 2020 remains underappreciated as its margin expansion appears poised to accelerate from key internal operating initiatives, Keith tells investors in a research note. He increased both his Q2 and Q3 comp estimates for the company 3.5% and reiterates an Overweight rating on the shares.

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