Tractor Supply price target raised to $290 from $265 at Loop Capital

Loop Capital analyst Anthony Chukumba raised the firm’s price target on Tractor Supply (TSCO) to $290 from $265 and keeps a Hold rating on the shares. The firm has updated its quarterly farm supply pricing study for Tractor Supply where it compares the company’s prices with those of several competitors, and the price gap between Tractor Supply and its competitors has narrowed from September, primarily driven by Tractor Supply’s reduced prices on repeated items, the analyst tells investors in a research note. Loop adds that it is particularly encouraged by Tractor Supply’s more competitive pricing given the fact Christmas is less than two weeks away, noting however that the stock’s 26-times forward earnings multiple makes the firm’s neutral stance “appropriate”.