Morgan Stanley downgraded Tractor Supply to Underweight from Equal Weight with an unchanged price target of $195. The analyst made rating changes in the hardline, broadline and food retail sector as part of its 2024 outlook. The firm tells investors to focus on stocks with reasonable 2024 estimates and stronger 2025 earnings growth. Lower interest rates, bottoming durables and a late 2024 housing inflection make for an improving setup, the analyst tells investors in a research note.
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