According to an analyst report released on Thursday, Citigroup has upgraded its investment rating for Tractor Supply Company (TSCO).

The investment bank raised the company's rating from "Hold" to "Buy" and increased its price target from $60 to $62.

Citigroup analysts noted in their report: "From a macro perspective, Tractor Supply operates as a defensive growth retailer whose algorithmic growth does not depend on real estate market recovery, and its current valuation is below the average level of the retail market share winners portfolio."

Tractor Supply's stock price has continued to decline since August of last year, falling nearly 6% over the past three months.