UPDATE: Deutsche Bank Downgrades Tractor Supply
In a report released Thursday, analyst Adam Sindler downgrades Tractor Supply Co (NASDAQ: 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 weather-related. 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.
Latest Ratings for TSCO
|Jun 2016||Credit Suisse||Maintains||Outperform|
|Jun 2016||JP Morgan||Maintains||Overweight|
|Jun 2016||Guggenheim Securities||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.