As previously reported, BofA analyst Jason Haas downgraded Tractor Supply to Underperform from Neutral with a price target of $171, down from $207. The firm sees headwinds to demand and pricing that will pressure both earnings and investors sentiment, the analyst tells investors. The firm expects a deflationary commodity cycle to “mow down comps” and argues that accounting changes will “muddy” Tractor Supply’s earnings quality, noting that it is lowering its 2024-2206 EPS estimates, largely on cyclical concerns.
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