BTIG Affirms Lowe's (LOW) at 'Buy' Amid Light Q3 Results, Weaker Outlook
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BTIG affirms Lowe's Cos. (NYSE: LOW) at Buy with a price target of $80 following Q3 results and lowered outlook issued earlier Wednesday.
Thefirm commented today:
3Q16: Operating EPS of $0.88 below our in-line estimate of $0.96. Comps of 2.7% were slightly better than our 2.5% estimate. Company lowers full year comp guidance from 4% to 3-4%, and sales guidance from 10% to 9-10%. Lowers 2016 Non-GAAP operating EPS guidance to $3.91 from $4.01. Recall we lowered our comp and EPS estimates for 2016-2018 as well as our PT on November 9. Our estimates are under review.
We expect shares to be weak given that LOW’s missed our recently lowered estimates, BTIG noted.
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