Tractor Supply Is Still Thriving Despite Pet Headwinds

Tractor Supply Company is rated a 'Buy' after a 36% YTD decline, with shares now trading 21% below intrinsic value. Pet segment weakness, driven by declining dog ownership and Tractor Supply product mix, is a headwind but not a long-term structural risk. TSCO's 75% non-pet sales, expanding store footprint, exclusive brands, and robust loyalty program underpin resilient growth and margin strength.