DA Davidson analyst Michael Baker raised the firm’s price target on Tractor Supply to $219 from $215 but keeps a Neutral rating on the shares ahead of its Q4 results. The analyst notes that his "comp indicators" are mixed, with accelerating inflation a positive, but slowing overall industry demand a negative. Baker adds that the slower industry trends in November and December point to a solid, but consistent comp versus Q3 rather than the acceleration assumed in the current Street forecasts.
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Published first on TheFly
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