Oppenheimer Cuts Price target on Tractor Supply (TSCO) to $80; Reiterates Outperform
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
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."
Shares of Tractor Supply Company closed at $68.25 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Union Pacific (UNP) PT Raised to $120 at Aegis Capital Following Solid 4Q
- Polaris Industries (PII) PT Raised to $85 at Stifel Ahead of 4Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!