Tractor Supply’s Q4 Sales Miss by 2.28%, Price Target Cut to $53
TD Cowen cut Tractor Supply’s price target to $53 from $55 and kept a Hold rating after Q4 sales of $3.90B (+3% YOY) and 0.3% comps missed 2.28%. Gross margin slipped to 35.1% from 35.2%, and 2026 guidance of 4–6% sales growth and $2.13–2.23 EPS trails analysts’ 6.3% and $2.31.
1. Analyst Revision
On January 30, TD Cowen reduced its price target on Tractor Supply to $53 from $55 while maintaining a Hold rating. The firm cited a more challenging operating environment and flagged pressure on comparable sales and gross margins as key negatives.
2. Fourth-quarter Performance
For the quarter ended December 27, Tractor Supply reported net sales of $3.90 billion, up 3% year-over-year but below the $4.0 billion consensus. Comparable-store sales rose just 0.3% versus a forecast of 2.28%, and gross margin dipped to 35.1% from 35.2% a year earlier.
3. Fiscal 2026 Outlook
The company forecasts full-year 2026 net sales growth of 4–6%, below analysts’ 6.3% estimate, implying $16.61 billion in revenue. EPS guidance of $2.13–2.23 also falls short of the $2.31 consensus, reflecting ongoing consumer caution and higher import costs.