Tractor Supply price target raised to $230 from $210 at Truist

Truist raised the firm’s price target on Tractor Supply to $230 from $210 and keeps a Buy rating on the shares as part of a broader research note previewing 2024 in Hardlines/Broadlines retail. The group could be poised for a solid outperformance for FY24, following slight and rare underperformance in FY23 as consumers continue to spend despite investor concerns over inflation and higher rates, and if the Fed is at or near the end of tightening, investors will lean into consumer-centric growth stocks, the analyst tells investors in a research note. The firm adds that the underperformance in the stock this year is reflective of a “digestion” process that includes lower same SKU inflation, slower big-ticket discretionary sales and more discerning buying activity, but it sees shares resuming upward trajectory by the second half of next year.