Jefferies analyst Jonathan Matuszewski upgraded Tractor Supply (TSCO) to Buy from Hold with a price target of $64, up from $58. The firm sees the shares as offering a “hedge” to the ongoing consumer uncertainty. Tractor’s customer demographic is resilient and its “needle-moving growth initiatives” are seeing momentum, the analyst tells investors in a research note. Jefferies says the stock’s current valuation discount to its historical average is “confounding.”
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