Barclays lowered the firm’s price target on Tractor Supply to $212 from $224 and keeps an Equal Weight rating on the shares. Ahead of Q3 report, the firm lowered estimates for Q3, Q4 and 2024 to reflect weakness in big ticket and pet shoppers starting to slow. While Tractor Supply still seems more defensive than most and has some “idiosyncratic drivers,” it is also exposed to external factors that have added noise year-to-date and may weigh on growth in 2024, the analyst tells investors in a research note.
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