Guggenheim Cuts Price Target on Tractor Supply (TSCO) Following 3Q Report
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Guggenheim maintained a Buy rating on Tractor Supply Company (NASDAQ: TSCO), and cut the price target to $85.00 (from $90.00), following the company's 3Q earnings report. Current business trends remain challenging as does predicting the timing of the arrival of consistently cold weather. During the earnings call, management highlighted a $0.07-0.08 headwind associated with the normalization of incentive compensation as we look out to 2017.
Analyst Steven Forbes commented, "3Q and 2016 Guidance In-Line; Remain BUY-Rated on Uniquely Positioned Customer-Dominant Retailer. Bottom line, we continue to believe that TSCO shares are positioned to outperform as we look ahead to 2017, given lower expectations (on the back of last month's reset) and a more modest valuation. Although we are tweaking our 2017 estimates lower and reducing our price target (from $90 to $85) on the back of yesterday's in-line 3Q print, we fully expect the company to deliver double-digit EPS growth in 2017. With limited risk to 4Q estimates, the shares trading near a five-year valuation low, and operating momentum poised to reaccelerate, we reiterate our BUY rating for longer-termoriented investors."
Shares of Tractor Supply Company closed at $67.37 yesterday.
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