Tractor Supply downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Tractor Supply to In Line from Outperform with an unchanged price target of $300. The firm cites valuation for the downgrade, saying the shares are “pricing for perfection.” Evercore continues to like the rural lifestyle market and believe Tractor’s management “has plenty of opportunities” to take margins past 10% over the next few years. That said, the stock is close to the firm’s $300 base case and the risk/reward is less attractive at current valuations, the analyst tells investors in a research note.