Tractor Supply Company Analysts Raise Their Forecasts Following Upbeat Earnings
Portfolio Pulse from Avi Kapoor
Tractor Supply Company (NASDAQ:TSCO) reported Q1 earnings per share of $1.83, surpassing the consensus of $1.71, with revenues of $3.395 billion aligning with estimates and marking a 2.9% year-over-year increase. Comparable store sales grew by 1.1%, and the gross margin improved to 36.0%. The company confirmed its FY24 outlook, projecting GAAP EPS of $9.85-10.50 and sales between $14.700 billion and $15.100 billion. Following the earnings announcement, TSCO shares rose by 2.8%, and analysts from Telsey Advisory Group and Baird adjusted their price targets upwards.
April 26, 2024 | 12:18 pm
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POSITIVE IMPACT
Tractor Supply reported higher-than-expected Q1 earnings, with a positive outlook for FY24, leading to a 2.8% increase in stock price and upgraded price targets by analysts.
The positive earnings report and the subsequent increase in stock price indicate strong performance and investor confidence. Analysts' upgraded price targets further support the potential for continued stock appreciation in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100