Tractor Supply price target raised to $105 from $100 at Wedbush
Wedbush analyst Seth Basham raised his price target for Tractor Supply to $105 from $100 as he continues to look favorably on the stock due to favorable sales drivers quarter-to-date and an improving margin outlook. Cold weather temperatures materialized early in the quarter and have continued through November and the early part of December, a trend he expects to persist to close the quarter despite a tougher comparison in December. The analyst also believes that winter preparation occurred as Tractor Supply customers tend to buy based on what they remember from last year's winter season, which was elongated well into April. In addition, despite falling oil prices, Basham thinks its oil-exposed markets are still holding up OK. Finally, despite a less favorable outlook for 2019 from a macro standpoint, he sees potential for a much improved margin outlook. The analyst reiterates an Outperform rating on the shares.