In a report released Thursday, analyst Adam Sindler downgrades Tractor Supply Co TSCO from Buy to Hold, dropping price target from $78 to $65.
The report highlights, "We see two key changes from the earnings last night that are driving our recommendation change – larger than expected deflation and greater than expected costs on growth investments. Historically, we had maintained a “buy on the dips” approach to TSCO, especially when the pullback were weatherrelated. The current situation is a bit different however, as we believe the costs associated with the investments limit EPS upside near-term, making the beat-and-raise aspect of the story a bit more cloudy over the next few quarters."
TSCO closed trading at $69 and is currently down at the $64.32 mark.
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