Truist Securities analyst Scot Ciccarelli reiterated a Buy rating on Tractor Supply Company (NASDAQ: TSCO), lowering the price target to $235 from $257.
The Truist card data indicates a slightly softer 3Q than previously anticipated, and the analyst thinks that the "buyside bar" has already declined (the stock is down ~8% vs. a ~6% pullback in the market since its 2Q EPS report)
The company's Q3 comp/EPS forecast has been revised down to 1.0%/$2.30 from the previous 2.5%/$2.36 due to the Truist card data, which implies softer sales trends, the analyst adds.
Ciccarelli ...