Mizuho downgrades Tractor Supply to Neutral with FY26 guidance cut expected

As previously reported, Mizuho downgraded Tractor Supply to Neutral from Outperform with a price target of $32, down from $50. Trends have remained "decidedly weak" throughout Q2, says the analyst, who "fully" expects FY26 guidance to be notched down in the near-term. Tractor still operates a strong brand with high customer affinity and the business "can be fixed," but this will require ample time and potentially cost restructuring and re-investment spending in the process, the analyst contends.