UPDATE: Piper Jaffray Cuts PT to $111 on Tractor Supply Ahead of Earnings

Piper Jaffray reiterated its Overweight rating on Tractor Supply

and reduced the price target from $113.00 to $111.00. Piper Jaffray commented, "We expect decent Q4 results from TSCO on Wednesday evening as the positive benefits early in the quarter from hurricane Sandy were offset by another warm Nov/Dec. Guidance for 2013 will also be a focus, and here we expect an inline outlook as TSCO will be lapping a difficult Q1 and appears to be experiencing some moderation on its multi-year gross margin expansion. [W]e are lowering our price target from $113 to $111 (unchanged 25x multiple) to reflect the reduction in 2013 earnings outlook." Tractor Supply closed at $94.74 on Monday.