Tractor Supply Stock In Focus After Acquisition, Analyst Revision: Retail’s Bullish
By Stocktwits Inc | First Published Dec 31, 2024, 11:51 AM ISTBarclays lowered the firm's price target to $52 from $262 with an ‘equal weight’ rating on the shares.
Shares of Tractor Supply Co ($TSCO) were down more than 3% on Monday after the rural lifestyle retailer closed the acquisition of Allivet, and received a lower price target revision from Barclays.
The company did not disclose the terms of the acquisition of Allivet, a privately-held online pet pharmacy, except to say it will provide a “$1-billion-revenue opportunity at full scale.” The acquisition of Allivet expands the company’s total addressable market by $15 billion to $225 billion, it added.
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“This acquisition complements and expands our existing ‘Life Out Here’ product and services line-up. We look forward to providing our 37 million Neighbor's Club members with a value-oriented pet and animal prescription service and introducing Tractor Supply to Allivet's customers,” Hal Lawton, president and CEO of Tractor Supply, said in a statement.
Barclays lowered the firm's price target to $52 from $262 with an ‘equal weight’ rating on the shares following its 5-for-1 stock split of its common stock effective December 19, The Fly.com reported.
Retail sentiment on Stocktwits was ‘bullish’ compared to ‘neutral’ a day ago. Message volumes were in the ‘normal’ range.
Tractor Supply serves recreational farmers, ranchers, homeowners, gardeners, pet enthusiasts. As of September 28, it operated 2,270 Tractor Supply stores in 49 states
Tractor Supply stock is up 21.4% year-to-date.
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