Evercore ISI analyst Oliver Wintermantel added Tractor Supply to the firm’s “Tactical Underperform” list ahead of the scheduled release of Q4 earnings on February 1. The firm says the stock remains “a preferred name in Broadlines & Hardlines long-term,” with plenty of store growth opportunities, share gain potential and margin growth opportunities, but it believes there is more downside than upside to the stock into Q4 results given its view that management will “most likely” guide below 2024 Street estimates. Evercore maintains an Outperform rating and $240 price target on the shares.
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