Tractor Supply price target lowered to $225 from $235 at Baird

Baird lowered the firm’s price target on to $225 from $235 and keeps an Outperform rating on the shares. While “soft” Q3 results and “cautious” Q4 guidance provided a reminder that Tractor Supply’s needs-based business is “more resilient than most,” they also show it is “not completely immune” to increasingly more discerning consumers, the analyst tells investors. Though the firm is lowering estimates to reflect a more “challenged for longer” consumer, it views underlying consumer engagement trends as “encouraging” and says it doesn’t believe “anything structural is at play.”