Tractor Supply initiated with a Market Perform at Cowen

Cowen analyst Max Rakhlenko initiated coverage of Tractor Supply with a Market Perform rating and $245 price target. While "constructive" on catalysts and tailwinds for what the firm describes as "a best-in-class retailer with attractive moats which dominates a fragmented industry," the firm prefers to wait from the sidelines for a more attractive entry point. Cowen contends that FY23 and long-term comp guide is achievable, but lacks upside.