Baird trims Tractor Supply price target, says pullback a buying opportunity

Baird analyst Peter Benedict lowered the firm’s price target on Tractor Supply (TSCO) to $315 from $320 and keeps an Outperform rating on the shares. Q3 results that were “in-line” and lingering deflation headwinds have pressured shares, but the firm expects December’s investor meeting to highlight the “still meaningful growth opportunity that lies ahead for the business,” the analyst tells investors. The firm’s FY25 and FY26 EPS estimates are “coming in slightly on a slower ramp” back to the company’s comp sales growth algorithm, but the stock’s pullback “presents an attractive long-term buying opportunity,” the analyst added.