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Banc of America Cuts Tractor Supply to Neutral

From Standard & Poor's Equity Research

Banc of America downgraded Tractor Supply (TSCO) to neutral from buy, noting that other retailers and vendors with overlapping markets have reduced second half guidance amid continued softening sales in August.

Analyst Michael Wilcox says store checks affirm near term caution. The analyst would like to revisit the story when visibility improves, but for now, believes the stock could be range-bound near term given macro headwinds and increasing risk to estimates. Wilcox cuts a $2.33 2006 earnings per share (EPS) estimate to $2.25, and a $2.85 2007 EPS estimate to $2.70. A $60 stock price target goes to $45.

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