Wedbush Downgrades Tractor Supply Company (TSCO) to Neutral
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Wedbush downgraded Tractor Supply Company (NASDAQ: TSCO) from Outperform to Neutral with a price target of $72.00 (from $96.00) following the negative pre-announcement.
Analyst Seth Basham commented, "With less than three weeks left in 3Q, last night TSCO reduced its 2016 guidance and issued 3Q16 guidance below consensus estimates. The company expects comps to likely be negative for the second quarter in a row and third quarter out of the past four, despite an easy comparison. On a two-year stacked basis, TSCO anticipates comps to decelerate 270 bps in 3Q and a further ~150 bps in 4Q at the midpoint of guidance. Even with an extra week in the fiscal year, TSCO now expects 7.9% EPS growth at the midpoint in 2016, the third year of EPS growth deceleration. While a number of economic headwinds may be weighing on TSCO near-term, visibility to longer-term mid-high teens EPS growth is more limited, leading us to reduce our estimates, lower our valuation multiple and downgrade shares from OUTPERFORM to NEUTRAL"
Shares of Tractor Supply Company closed at $83.53 yesterday.
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