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 on Hardlines/Broadlines Consumer names. Retail could be poised for solid outperformance for FY24 following slight and rare underperformance in FY23 despite investor concerns over inflation and higher interest rates as consumers continue to spend, especially if the Fed is at/near the end of their tightening cycle, the analyst tells investors in a research note. Truist adds that while the company’s first-half of 2024 may be challenging, the stock could start to move higher in the second half as they cycle easier comparisons, especially if their customer continues to prove resilient.