UPDATE: BofA Securities Downgrades Tractor Supply Company (TSCO) to Neutral

October 4, 2021 6:09 AM EDT
Get Alerts TSCO Hot Sheet
Price: $210.34 +3.97%

Rating Summary:
    19 Buy, 20 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 5 | Down: 12 | New: 29
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(Updated - October 4, 2021 8:21 AM EDT)

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."

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 $201.36 yesterday.

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