(News Bulletin 247) – While barely adjusting its price target from $266 to $265, Jefferies reaffirms its ‘buy’ recommendation on Lowe’s Companies, deeming ‘spending discipline admirable, especially in the face of a weak context for DIY staff’.
“With comparable sales outperformance in the first half coupled with effective cost management, we are confident of hitting the midpoint of guidance, with the top of the range more likely than the bottom,” the broker said.
“As owners seek instant gratification projects and softwood lumber standardization triggers project resumption,” Jefferies is looking for comparable low-single-digit growth in fiscal 2024.
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