Tractor Supply Remains A Strong Buy Despite Near-Term Concerns: Analyst's Take
Portfolio Pulse from Lekha Gupta
Raymond James analyst Bobby Griffin has lowered the price target for Tractor Supply Co (NASDAQ:TSCO) from $255 to $235, maintaining a Strong Buy rating. The adjustment is due to expected slowing demand across various retail categories and ongoing big-ticket pressure. The analyst also lowered Q3 FY23 and FY23 EPS estimates. Despite these near-term concerns, the analyst believes in the long-term growth prospects of TSCO's business model.
October 10, 2023 | 5:49 pm
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Tractor Supply Co's price target has been lowered by Raymond James analyst due to expected slowing demand, but the Strong Buy rating is maintained.
The lowering of the price target indicates the analyst's concern about near-term slowing demand. However, the maintenance of the Strong Buy rating suggests that the analyst still sees potential in the company's long-term growth prospects. This could lead to a neutral short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100