TGT Stock – The 6 Best Summer Stocks to Buy Now
Analysts offering 12–month price forecasts have the stock at a median target of $120, with a high estimate of $140 and a low of $105. Shares sit at $90.26 right now, so you’re looking at a potential 55% gain if Overstock.com hits the high estimate.
Tractor Supply Co., the ‘Buy Now’ Summer Stock You Didn’t Know You Needed
This Brentwood, Tenn.–based retailer, Tractor Supply Co. (NASDAQ: TSCO), offers home improvement, agriculture and lawn care products. This is the stock you didn’t know you needed. One of Chris’s favorites, it’s the largest retail farm and ranch store chain in the United States, with over 1,900 stores in 49 states.
The company focuses on recreational farmers and ranchers as well as tradesmen, small businesses, and the average homeowner. Offering everything from livestock to pet and animal products, maintenance products for agricultural and rural use, hardware and tools, lawn and garden power equipment, truck and towing products, and work apparel.
The pandemic pushed many people out of the big cities and out into the suburbs and country. They started focusing more on taking care of their homes, lawns, farms, and pets.
During this time, the company recorded record sales and earnings, and that momentum has carried over into Q1 of 2021, reporting a 42.4% year–over–year jump in sales with in–store sales up 38.6%. Not only are sales in general up, but people are going into its stores and leaving with something.
Its Q1 this year has also seen a spike in new customers, to the bell of 2.5 million, a 30% increase from last year. With 20 million already a part of its loyalty program, CEO Hal Lawton has reason to believe this shift is not a COVID-19 fluke.
The company has seen an increase in all customer segments and all value tiers of spending with over 50% of new customers returning to the store to shop.
The company is currently working on two major fronts to grow and attract more customers.
The return of its Neighbor’s Club rewards program with points and three distinct tiers will feature new rewards and benefits tailored to each specific member, scaling up as the member pays more.
The other is an upgrade of the company’s “Life Out Here” strategy including changes to the store’s layout, improving accessibility and visibility to enhance the shopper’s experience. A big part of this development includes teaming up with Carhartt, one of the most popular workwear brands, to create a “store within a store” concept. This will double its Carhartt inventory and essentially make it a clothes retailer in the process.
Shares of Tractor Supply Co. stock are trading at $183 right now and are forecast to reach a high of $220, a potential 83% gain.