Wedbush Cuts Price Target on Tractor Supply (TSCO) to $65 Following 3Q
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Wedbush maintained a Neutral rating on Tractor Supply Company (NASDAQ: TSCO), and cut the price target to $65.00 (from $72.00), following the company's 3Q earnings report. TSCO’s sales cadence improved through 3Q with September comping positive, boosted by easier comparisons. However, TSCO reduced its 2016 store growth target of 115-120 to 113 stores due in part due to macro sluggishness, sales softness particularly in oil/energy and farm income areas, and other real estate pressures.
Analyst Seth Basham commented, "TSCO reported 3Q results and FY16 guidance consistent with its September business update. While not providing official 2017 guidance, based on factors it currently sees, the company pointed to limited visibility for comps to return to the historical 3-5% range, noted a $0.07-$0.08 y/y hit from incentive compensation, and indicated that it may reduce new Tractor Supply store growth given sluggish demand. Despite indications of confidence in new store economics and the 2,500 ultimate store potential, a slower path to that potential points to a slightly lower warranted valuation. We trim our estimates, lower our price target to $65 and reiterate our NEUTRAL rating."
Shares of Tractor Supply Company closed at $67.37 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
- KLR Group Cuts Price Target on Bill Barrett (BBG) to $9; Reiterates Buy
- UBS Raises Price Target on Dick's Sporting Goods (DKS) to $69
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, 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!