Citi analyst Steven Zaccone downgraded Tractor Supply to Neutral from Buy with a price target of $207, down from $250. The operating environment is getting tougher for Tractor Supply as big-ticket weakness continues, disinflation weighs on same-store-sales, and home-related spending slows, the analyst tells investors in a research note. The firm says the timeline to stabilization in SSS is getting difficult to predict. Tractor’s “give-back” period of sales growth gained from the pandemic is set to continue into 2024 and the path for earnings growth is tougher, says Citi, which believes the shares will be range-bound for the near to medium term .
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