Lowe's upgraded to Outperform from Perform at Oppenheimer Oppenheimer upgraded its rating on Lowe's (LOW) to Outperform from Perform on expectations sales will improve as the winter weather gives way to more favorable spring conditions. The firm raised its price target for shares to $57 from $50. Opco keeps an Outperform rating on Lowe's competitor Home Depot (HD) and raised its price target for those shares to $93 from $86.
Lowe's upgraded to Outperform at BMO Capital As previously reported, BMO Capital upgraded Lowe's (LOW) to Outperform and increased its price target to $81 from $73. The firm's State Economic Scoreboard research indicates stronger relative housing improvement and overall economic activity in Southeastern states, where Lowe's has a larger store footprint. The firm said sales to the Pro segment could accelerate and potentially narrow the gap in comp-store sales with Home Depot (HD) if growth broadens in the coming months. Additionally, strengthening Q2 housing metrics and robust relative traffic give the firm increased confidence in its 4% Q2 comp-store sales forecast for Lowe's.