Lowe's Cos. (LOW): EPS Misses On Soft Sales - Jefferies
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Jefferies analyst, Daniel Binder, reiterated his Hold rating on shares of Lowe's (NYSE: LOW) after sales were softer than expected with a 2% comp sales gain. Management highlighted weather issues resulting in a truncated spring season. This translated to a wider comp gap with Home Depot (NYSE: HD) (350 bps), which rattled investors and added skepticism about 2H guidance. Similar to HD, the Pro business outperformed with a 400 bp spread. RONA is expected to be accretive, but integration activity adds usual risks.
No change to the price target of $81.
Shares of Lowe's closed at $76.88 yesterday.
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