Analyst downgrades Tractor Supply after eight years of recommendations, citing prolonged pressure on companion animal sales.
Piper Sandler downgraded Tractor Supply (NASDAQ:TSCO) to Neutral from Overweight and slashed its price target to $36 from $51. The firm cited weakening pet spending trends, driven by rising ownership costs, as a multi-year headwind for the retailer.
Tractor Supply’s first-quarter results prompted concerns about its 2026 guidance, with Piper Sandler describing the report as “weak.” TD Cowen also lowered its price target to $38 from $53, maintaining a Hold rating, and warned of medium-term sales pressure despite growth initiatives.
The stock, which has a 5-year dividend growth rate of 22.7%, is expected to remain range-bound as investors await second-quarter earnings as a key catalyst.