Tractor Supply price target raised to $256 from $230 at Truist

Truist raised the firm’s price target on Tractor Supply to $256 from $230 and keeps a Buy rating on the shares. The company’s sales and earnings were better and more stable than generally expected, and the management’s FY24 outlook is “likely conservative”, the analyst tells investors in a research note. Tractor Supply is the dominant player in the fragmented farm/ranch category with about $180B in total addressable market and has multiple profitability levers, the firm added.