Tractor Supply Company (NASDAQ:TSCO) expects record-breaking sales and earnings in the second quarter as a result of over 100 initiatives the rural lifestyle retailer implemented to meet the challenges of the COVID-19 pandemic.

Although Tractor Supply won't report earnings until July 23, it says net sales and comparable sales are expected to grow 20% or more for the period.

That's led Wall Street to rush to upgrade the company's stock. No fewer than 11 firms increased their price targets for Tractor Supply, with an average boost of 19%. While the stock currently trades at $111 per share, analysts see it trading anywhere from $110 to $138 per share, an average of $128 per share.

People standing in front of an old tractor

Image source: Tractor Supply Company.

It only gets better from here

Indicative of Wall Street's enthusiastic response to the retailer's report was the note Wells Fargo analyst Zachary Fadem wrote to investors saying, "Holy cow...reason to believe comps could be even better." According to SmarterAnalyst, Fadem believes sales are accelerating, and comps could exceed 30%.

Meeting changing consumer shopping preferences, Tractor Supply continues to invest in digital initiatives, including upgrading its website that will facilitate buy online, pickup in store capabilities and same-day delivery, as well as launching its first mobile app.

President and CEO Hal Lawton said in a statement, "Our outlook for record-breaking sales and earnings in the second quarter demonstrates the potential for Tractor Supply to emerge stronger than before as we continue to gain market share and build our business for the future."