Tractor Supply shares are down about 3% in Wednesday trading (April 29, 2026) as investors react to a new wave of analyst estimate and price-target revisions following last week’s quarterly report. The latest catalyst: Telsey cut its price target to $52 from $63 while keeping an Outperform rating, and lowered its 2026 EPS estimate to $2.15 from $2.19, extending the post-earnings reset in expectations.

The revisions follow Tractor Supply’s first-quarter results for the period ended March 28, 2026, when the company posted net sales of $3.59 billion, comparable-store sales growth of 0.5%, and EPS of $0.31. While the company reaffirmed full-year 2026 guidance (including comparable sales growth of 1% to 3% and diluted EPS of $2.13 to $2.23), investors have focused on profitability pressure, including operating income declining year over year and higher SG&A as a percentage of sales.

Bulls are leaning on management’s reaffirmed outlook and comments that sales trends improved in April as spring demand ramps, arguing the stock selloff has pulled valuation down sharply from prior levels. Bears are watching whether soft demand and mix issues in companion animal can be fixed fast enough to protect margins and keep the company on track for its 2026 targets, especially as multiple firms continue to adjust forecasts lower.