Baird trims Tractor Supply price target, says market ‘braced for nastier print’

Baird analyst Peter Benedict lowered the firm’s price target on Tractor Supply to $255 from $260 and keeps an Outperform rating on the shares. While Q2 results lagged consensus and FY23 EPS guidance was trimmed, the “market was braced for a nastier print,” says the analyst, who argues that the company’s “needs-based assortment and impactful micro initiatives hold considerable appeal at a slight premium to the market.”