Cooler, wetter autumn weather will drive traffic to Tractor Supply -- Citi

[Tractor supply store]
TennesseePhotographer

* Tractor Supply’s (NASDAQ:TSCO [https://seekingalpha.com/symbol/TSCO]) recent pullback represents an “attractive entry point,” says Citi Research analyst Steven Zaccone, as steady traffic, pricing tailwinds, and new initiatives will lead to upside in third quarter earnings.
* “Tractor Supply is a defensive growth retailer not dependent upon a housing market recovery to return to growth…and is trading at a discount to the retail basket,” Zaccone adds, driving and an upgrade in the stock to Buy from Hold and 3% bump to its price target to $62.
* “Weather has a strong impact on Tractor Supply," considering the company’s farm and ranch clientele.
* After an unseasonably warm and dry start to autumn, a cooler and wetter October should contribute to improved same store sales, Zaccone says in support of his bullish rating.
* The company will report third quarter results [https://seekingalpha.com/symbol/TSCO/earnings] before the open on October 23, expected to show a profit of $0.48 per share on $3.72B in sales, an increase of 6.6% and 7.2% from a year ago, respectively.

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