The new price target suggests upside of nearly 20%.
"We have for a while maintained an upbeat longer term outlook for TSCO. More recently, we articulated a cautious near-term stance toward the story, on concerns of softer sales at the chain," the firm wrote in an analyst note earlier today.
Earlier this month, the Brentwood, TN-based rural lifestyle retailer lowered its guidance for the third quarter and full year.
Shares have now re-rated lower and trade at a valuation consistent with historic troughs, according to Oppenheimer.
"The combination of seemingly washed-out near-term sentiment and our view that recent sales woes are much more cyclical than structural implies to us that while TSCO could languish a bit longer, the next major move for the stock is apt to prove to the upside," the firm noted.
Shares of Tractor Supply were higher in late-afternoon trading on Friday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: TSCO