Stephens downgraded Tractor Supply to Equal Weight from Overweight with a price target of $240, up from $226. The firm continues to believe in the long-term growth opportunity and believes buyside sentiment remains overly negative on the potential 2024 guidance, but believes recent outperformance could limit shares in the near to intermediate term. Macro headwinds remain and the firm believes discretionary categories could remain softer, the analyst added.
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