Tractor Supply price target lowered to $57 from $61 at Raymond James

Raymond James analyst Bobby Griffin lowered the firm’s price target on Tractor Supply (TSCO) to $57 from $61 and keeps an Outperform rating on the shares. While Q1 comps and EPS fell short of expectations due to delayed spring and continued pressure in big-ticket categories, Tractor Supply’s positive transaction growth, strong unit performance in C.U.E., and steady April results reinforce the health of its core customer and the durability of its business model, the analyst tells investors in a research note. Raymond James remains confident in Tractor Supply’s long-term thesis.