Tractor Supply price target raised to $260 from $225 at Baird

Baird raised the firm’s price target on Tractor Supply to $260 from $225 and keeps an Outperform rating on the shares following a quarterly report that the firm calls “Good enough” given that stronger gross margins helped the company “clear a low bar” in Q4. Combined with a strong start in Q1 and visibility into bottoming price and deflation pressures, the analyst contends that the underlying tone of business is “better-than-feared.”