Oppenheimer Cuts Price target on Tractor Supply (TSCO) to $80; Reiterates Outperform
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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."
Shares of Tractor Supply Company closed at $68.25 yesterday.
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