Tractor Supply price target lowered to $290 from $300 at Evercore ISI

Evercore ISI lowered the firm’s price target on Tractor Supply (TSCO) to $290 from $300 and keeps an In Line rating on the shares. An in-line quarter and the raise of the bottom end of guidance “wasn’t enough to keep the stock close to its all-time high,” says the analyst, who adds that “valuation was stretched into earnings.” The firm believes the risk/reward at 25-times next year’s earnings and 15-times EBITDA “doesn’t offer a lot of upside from here” and notes that it left its 2024 and 2025 EPS estimates unchanged at $10.30 and $11.25, respectively.