Piper Sandler analyst Peter Keith downgraded Tractor Supply (TSCO) to Neutral from Overweight with a price target of $36, down from $51. Piper downgrades Tractor following eight years of recommending the shares. Companion animal trends may be in structural decline for Tractor Supply for several years due to rising pet ownership costs, the analyst tells investors in a research note. In addition, Piper sees risk to the company’s 2026 guidance following the “weak” Q1 report.
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