Oppenheimer Cuts Price target on Tractor Supply (TSCO) to $80; Reiterates Outperform

September 23, 2016 9:32 AM EDT
Get Alerts TSCO Hot Sheet
Price: $64.68 -0.39%

Rating Summary:
    13 Buy, 11 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 26 | Down: 28 | New: 38
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Oppenheimer maintained an Outperform rating on Tractor Supply Company (NASDAQ: TSCO), and cut the price target to $80.00 (from $110.00). On Sept. 7th, management pre-announced negative 3Q results and lowered expectations for 2016, citing ongoing weather challenges and macro pressures.

Analyst Brian Nagel commented, "We stick with our Outperform rating on Tractor Supply. Our $80 price target (down from $110) suggests upside of almost 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. TSCO's negative pre-announcement on Sept. 7th marked a clearing event for the story. Shares have now re-rated lower and trade at a valuation consistent with historic troughs. 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."

For an analyst ratings summary and ratings history on Tractor Supply Company click here. For more ratings news on Tractor Supply Company click here.

Shares of Tractor Supply Company closed at $68.25 yesterday.

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