Credit Suisse Downgrades Tractor Supply Company (TSCO) to Neutral
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Credit Suisse downgraded Tractor Supply Company (NASDAQ: TSCO) from Outperform to Neutral with a price target of $72.00 (from $96.00) following lower guidance.
Analyst Seth Sigman commented, "We are lowering our rating on TSCO from Outperform to Neutral on the back of the weaker Q3 results, and the lack of visibility around the near-term demand drivers and the EPS growth algorithm. We show inside that TSCO's relative comps outperformance vs. the sector has supported its stock's premium valuation. If the issues TSCO pointed to are right, there is no reason to believe that there is an immediate rebound, absent very favorable Q4 weather trends. We lower our 2016 EPS to $3.25 (from $3.38) and 2017 to $3.58 (from $3.86), and our target price goes to $72, which is based on 20x our new 2017 EPS, a multiple that it has bottomed at in the recent past."
Shares of Tractor Supply Company closed at $83.53 yesterday.
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