UBS raised the firm’s price target on Tractor Supply to $272 from $240 and keeps a Neutral rating on the shares. Tractor Supply continues to put up steady results in an environment that seems to be losing steam by the day, the analyst tells investors in a research note. The company is seeing strength in its seasonal categories, but the rising service share of PCE continues to be a headwind, and while the company has demonstrated that it can effectively operate in a range of backdrops, UBS thinks the near-term upside potential is already priced in.
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