Oppenheimer downgraded Tractor Supply to Perform from Outperform with a price target of $210, down from $280. Tractor Supply represents one of the most interesting new unit growth, margin expansion opportunities, within mid-cap specialty retail over the long-term, but Oppenheimer is increasingly concerned that shares do not yet discount adequately for a potentially pro-longed, post-pandemic sales expansion lull, likely to occur as COVID-related tailwinds gradually abate, the analyst tells investors in a research note.
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