Tractor Supply assumed with an Outperform at Wolfe Research

Wolfe Research analyst Spencer Hanus assumed coverage of Tractor Supply (TSCO) with an Outperform rating and $70 price target The firm views investor sentiment as “too negative,” driven by the company’s back half weighted outlook and deflation concerns. These risks are now well understood and Tractor Supply’s rural store footprint is an advantage, the analyst tells investors in a research note. Wolfe sees the company’s comps getting back on algorithm after three years of digesting COVID gains.