• Tractor Supply shares crashed 50% since the beginning of the year.
• This seems an overreaction to what are mostly cyclical factors, although there are some mild structural ones at work as well.
• Still, the company is now at a historically low valuation on multiple metrics; we think the selloff has been overdone.

Source: The Selloff In Tractor Supply Is Overdone – Tractor Supply Company (NASDAQ:TSCO) | Seeking Alpha