Tractor Supply upgraded to Outperform from Neutral at Mizuho

Mizuho upgraded Tractor Supply (TSCO) to Outperform from Neutral with a price target of $60, up from $54. The firm enters 2025 optimistic that the fundamental underpinnings of firmer consumer spending remain intact. 2025 should be a year characterized by elevated headline risk under a “new, very business-friendly administration,” the analyst tells investors in a research note. With a retailing group particularly exposed to tariffs, Mizuho highlights the “more inelastic demand categories” of auto parts and home improvement as better-situated. Within this framework, he firm upgraded Tractor Supply to Outperform.