Tractor Supply price target raised to $255 from $250 at Wells Fargo

Wells Fargo analyst Zachary Fadem raised the firm’s price target on Tractor Supply to $255 from $250 and keeps an Overweight rating on the shares after hosting management. Conversation leaned positive, with key topics centered around long-term growth, Tractor Supply’s structural and idiosyncratic drivers, a healthy dose of ESG and the company’s ability to navigate a highly variable macro backdrop in fiscal 2023, the analyst notes. All in, meetings reinforced his constructive view into 2023, as Fadem sees a best-in-class operator with "Defensive" characteristics and "Offensive" growth drivers.