Tractor Supply price target lowered to $51 from $60 at Jefferies

Jefferies analyst Jonathan Matuszewski lowered the firm’s price target on Tractor Supply (TSCO) to $51 from $60 and keeps a Buy rating on the shares. Tractor Supply has both “a track record of resilient comps with low volatility” and a business that can “swiftly rectify pockets of weakness when they arise,” but the market’s valuation “currently implies lack of confidence in the latter,” the analyst tells investors following the company’s quarterly report. While the last two quarters have been “challenging,” the firm believes “the combination of management’s playbook for re-accelerating the pet category and sharp multiple compression over a condensed period creates an attractive buying opportunity,” the analyst added.