Tractor Supply price target lowered to $47 from $55 at Wells Fargo

Wells Fargo lowered the firm’s price target on Tractor Supply (TSCO) to $47 from $55 and keeps an Overweight rating on the shares. The firm says shares deserve to de-rate post disappointing Q1 comparable sales, Pet category headwinds and concern that the 2026 outlook is at risk. While reason for Q2 reacceleration, sub-algorithm comparable-store sales performance warrants a sub-premium price-to-earnings multiple.