Tractor Supply Shares Rally Over Past Six Months, Returning to Fairly Valued Territory
Although our outlook for narrow-moat Tractor Supply remains favorable, stock price appreciation of more than 35%Â since July 2017Â has brought trading prices closer to our $81 fair value estimate, back into fairly valued territory. We initially believed that investor confidence had waned in response to volatile performance due to weather and weakness in oil-producing and agricultural regions, leading to earnings warnings in four of the seven previous quarters. However, we argued that the business ...Tractor Supply is a rural lifestyle retailer. The company is focused on supplying the needs of recreational farmers, ranchers and all those who enjoy living the rural lifestyle, as well as tradesmen and small businesses. The company operates retail stores under the names Tractor Supply Company, Del's Feed & Farm Supply, and Petsense and operates websites under the names TractorSupply.com and Petsense.com. The company's selection of merchandise is comprised of the following main product categories: equine, livestock, pet, and small animal products; hardware, truck, towing, and tool products; seasonal products; work/recreational clothing and footwear; and maintenance products for agricultural and rural use.
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