Mizuho Securities analyst David Bellinger has reiterated their bullish stance on TSCO stock, giving a Buy rating on February 28.
David Bellinger has given his Buy rating due to a combination of factors influencing Tractor Supply’s performance. The company’s ‘Chick Days’ promotion has been exceptionally successful, with many stores selling out quickly, indicating strong consumer demand. This poultry category, although currently a small part of the revenue, is expected to contribute positively to the company’s Q1 performance, which is already surpassing consensus expectations.
Moreover, the high interest in poultry, as evidenced by record Google Trends data and increased customer engagement, suggests a significant opportunity for growth. The loyalty program’s members who own chicks are likely to increase their transactions, further boosting sales. Additionally, Tractor Supply’s unique product offerings and consistent sales of live birds have led to strong repeat purchases, supporting the company’s positive outlook and justifying the Buy rating.
In another report released on February 28, Argus Research also maintained a Buy rating on the stock with a $64.00 price target.
Based on the recent corporate insider activity of 74 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TSCO in relation to earlier this year.