Tractor Supply price target lowered to $260 from $265 at Baird

Baird lowered the firm’s price target on Tractor Supply to $260 from $265 and keeps an Outperform rating on the shares. The analyst reduced Q2 and second half of 2023 comp estimates for Tractor Supply citing indications of softer demand. While signs of a “more choiceful consumer” continue to emerge across many parts of retail, Tractor’s needs-based assortment provides “some relative resilience” as discretionary spending moderates, and its favorable margin dynamics offer valuable profit support, the analyst tells investors in a research note. Baird continues to like the stock beyond “potential tactical friction” associated with the Q2 results.