UBS Cuts Tractor Supply Price Target Ahead of Fourth-Quarter Results

Core Viewpoint - Tractor Supply Company (NASDAQ: TSCO) has had its price target lowered to $57 from $61 by UBS, which maintains a Neutral rating, indicating muted expectations for the upcoming fourth-quarter earnings release [1] Group 1: Earnings Expectations - UBS does not expect the fourth-quarter earnings release to materially shift the investment debate, noting that sell-side estimates imply a 3.1% comparable sales increase, while buy-side expectations are closer to 1% [1] - The key focus for the upcoming earnings report is expected to be management's outlook for the year ahead, with UBS anticipating a wide guidance range similar to last year, likely spanning 1% to 4% for initial comparable sales expectations [2] Group 2: Future Guidance and Growth - The company previously indicated that 2026 would represent a period of profit-and-loss normalization, which UBS interprets as improving comparable sales growth and continued gross margin expansion [3] - However, UBS notes that investors are likely to wait for evidence that this scenario is achievable before re-rating the stock [3]