Tractor Supply Company "neutral," target price raised

01/21/04 - Robert W. Baird

NEW YORK, January 21 (New Ratings) — Analysts at Robert W Baird maintain their "neutral" rating on Tractor Supply Company (TSCO), while raising their estimates for the company. The target price has been raised from $38.00 to $42.00.

In a research note published this morning, the analysts mention that the company has reported Q4 results ahead of expectations. Tractor Supply Company's efficient merchandising and execution resulted in strong comps during the quarter, and the company’s gross and operating margins were boosted by effective mix and low costs, the analysts say. The EPS estimate for 2004 has been raised from $1.61 to $1.68.