Tractor Supply initiated with an Outperform at Credit Suisse

Credit Suisse analyst Karen Short initiated coverage of Tractor Supply with an Outperform rating and $260 price target. Tractor Supply is a "best-in-class retailer gaining significant share in a needs-based, highly fragmented sector within retail," Short tells investors in a research note. Consumables, usables and edibles are "arguably very defensive," and these categories account for 50%-plus of the company’s sales, says the analyst.