Wedbush Cuts Price Target on Tractor Supply (TSCO) to $65 Following 3Q

October 20, 2016 8:19 AM EDT
Get Alerts TSCO Hot Sheet
Price: $76.41 -1.23%

Rating Summary:
    13 Buy, 11 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
Trade TSCO Now!
Join SI Premium – FREE

Get the Pulse of the Market with's Pulse Picks. Get your Free Trial 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."

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 $67.37 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities


Add Your Comment