Wedbush analyst Seth Basham lowered his price target for Tractor Supply to $69 from $80 saying the stock appears nearly fairly valued. While the analyst is encouraged by the removal of sales drags in the last two years and sees potential for the company's new concept store, his EPS growth estimates remain at the low end of this range until there is more evidence that investments will deliver top line benefits to offset secular pressures from consumers shopping more online and that the company can materially reduce investments after 2019. He reiterates a Neutral rating on the stock.

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