Tractor Supply price target raised to $289 from $277 at Truist

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.