Baird lowered the firm’s price target on Tractor Supply to $235 from $255 and keeps an Outperform rating on the shares. The firm said slowing sector momentum caused them to lower 3Q numbers, although a shortfall seems widely anticipated. Baid also said negative EPS revisions remain a tactical headwind; however, the company’s relative defensiveness and discrete share driving initiatives screen underappreciated at a roughly market multiple.
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