UPDATE: Goldman Sachs Reduces PT to $93 on Tractor Supply Company; Demand Pull Forward, Commodity Prices

Goldman Sachs reiterates its Neutral rating on Tractor Supply Company

and cuts its price target from $100 to $93. Goldman Sachs comments, "Comments by HD/LOW that suggest there was in fact significant pull forward of outdoor power equipment sales in the February/March timeframe vs. April. This validates TSCO's estimates of the pull forward effect, which we had previously viewed as conservative. Ongoing retreat in commodity prices suggests fading inflation benefits. Notably, the three components of our TSCO inflation index, crude, steel, and grain, have all declined since the firm issued guidance in April." TSCO closed at $89.59 on Friday.