Wells Fargo lowered the firm’s price target on Tractor Supply to $255 from $270 and keeps an Overweight rating on the shares. The firm notes that recent checks are “squishy,” and considering implied second half of the year acceleration, a lower FY23 comp bar makes sense. Buyside expectations are there and with shares -12% post-Q1, Wells believes intact EBIT%/EPS could spell near-term relief; but second half of the year comp messaging is key.
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