Tractor Supply Company (TSCO) PT Lowered to $58 at Mizuho

Mizuho analyst David Bellinger lowered the price target on Tractor Supply Company (NASDAQ: TSCO) to $58.00 (from $65.00) while maintaining a Outperform rating.

The analyst commented: "Tractor Supply shares stumbled today. We picked up on a clear shift in management's tone with the rural economy resistance narrative fading. TSCO also highlighted incremental promotional activity, something we haven't heard explicitly in years. Some highlights from CFO Kurt Barton callback: 1) Consumer fatigue ate into discretionary categories in December and could be due to tariff-related price increases; 2) FY26E comp guidance of +1-3% is centered around approx.+100 bps from inflation (net of unit elasticity), +50-100 bps from core business expansion, and +50-100 bps from early initiatives; 3) Trends Q1-to-date are ahead of internal plan for negative comps in January, although ~70% of the quarter is still ahead. Today's call represented a real reset to the TSCO story. The business seems harder to forecast today than at any point in the last several years, but does not mean it's broken. Adjusting estimates lower and PT to $58."

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