UPDATE: BofA Securities Downgrades Tractor Supply Company (TSCO) to Neutral
- IBM weighs on the Dow; Nasdaq and S&P gain ground
- Tesla (TSLA) Beats EPS and Revenue Views on Improving Gross Margins, Analysts Praise Very Solid Quarter But Warn of 'Aggressive Valuation' as Stock 'Priced to Perfection'
- Trump Media To Go Public Via $1.7 Billion SPAC Deal, Aims to Fight the Big Tech
- Fed announces new rules that will prohibit purchase of individual securities, restrict active trading, and increase timeliness of reporting and public disclosure by Federal Reserve policymakers
- IBM (IBM) Stock Plunges 5% on Sales Miss, Q3 Results Seen as a Setback
BofA Securities analyst Elizabeth Suzuki downgraded Tractor Supply Company (NASDAQ: TSCO) from Buy to Neutral with a price target of $217.00.
The analyst commented, "We reduce our rating on Tractor Supply (TSCO) to Neutral from Buy, maintaining our $217 price objective, which is based on a P/E of 26x our above-consensus EPS for 2022E of $8.33 (consensus $8.18). We expect 2022 same-store sales growth to decelerate to 3% following 2021E growth of 13.4% and 202E of 23.1%, with EPS growth decelerating accordingly. Longer term, we view Tractor Supply as a high-quality retailer with a long runway for additional store growth, potential market share gains from smaller farm & ranch competitors, and a strong balance sheet. However, we view these investment positives as mostly priced in. Relative to other stocks in our Retailing- Hardlines coverage universe, we see limited upside to TSCO shares in the next twelve months."
Shares of Tractor Supply Company closed at $201.36 yesterday.
You May Also Be Interested In
- Tractor Supply Company (TSCO) PT Raised to $230 at Wells Fargo Following Earnings
- Tractor Supply (TSCO) Tops Q3 EPS by 32c, Updates Guidance
- Hardwoods Distribution (HDI:CN) (HDIUF) PT Raised to Cdn$66 at Canaccord Genuity
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
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!