Tractor Supply Company (NASDAQ: TSCO) saw its price target lowered to $57 from $61 by UBS, which maintained a Neutral rating.
The firm said it did not expect the fourth-quarter earnings release to materially shift the investment debate, noting that expectations were already muted. While sell-side estimates implied a 3.1% comparable sales increase, UBS said buy-side expectations were closer to 1%.
The key focus was expected to be management’s outlook for the year ahead. UBS anticipated the company would provide a wide guidance range similar to last year, with initial comparable sales expectations likely spanning 1% to 4%. The debate, according to the firm, would center on whether the low or high end of that range proved more realistic.
The company had previously indicated that 2026 would represent a period of profit-and-loss normalization, which UBS interpreted as improving comparable sales growth and continued gross margin expansion. However, the firm said investors were likely to wait for evidence that this scenario was achievable before re-rating the stock.
