DA Davidson upgraded Tractor Supply to Buy from Neutral with a price target of $280, up from $250, in conjunction with the firm’s “Best-of-Breed Bison” initiative, which focuses on “best in class” companies with sustainable competitive moats. The analyst believes Tractor Supply fits 11 of the 12 criteria required to qualify as a “Best-of-Breed Bison” name within the firm’s framework, including trading at a significant discount to intrinsic value, favorable market dynamics, consistent financial performance and a shareholder-oriented management team.
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