Tractor Supply price target raised to $173 from $171 at BofA

BofA analyst Jason Haas raised the firm’s price target on Tractor Supply to $173 from $171 but keeps an Underperform rating on the shares. The analyst points to the company’s 4.2% comps decline amid weakness across cold weather products, discretionary categories and big ticket items, though the firm’s price target increased given the management’s FY24 outlook. BofA adds that it continues to see feed price deflation hurting comps and EPS in 2024, also noting that Tractor Supply’s customer is broadly under more economic pressure than during the the 2013/14 deflationary cycle.