UBS Cuts Price Target on Lowe's Cos. (LOW) Following 3Q Report
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UBS maintained a Buy rating on Lowe's Cos. (NYSE: LOW), and cut the price target to $77.00 (from $80.00), following the company's 3Q earnings report.
Analyst Michael Lasser commented, "While its sales trends were softer than the industry, LOW exited the period with some strength. Its 3Q comp of 2.7% included a soft 0.5% comp traffic increase. Traffic represented 2/3 of its ~300 bp comp gap with HD. Positively, LOW's 3 biggest sales categories (appliances, tools & hardware, lumber), which account for 1/3 of its sales, were all above the co. avg. This suggests its core remains stable. Its South & West divisions performed in-line w. expectations, implying its SSS in the North was 0%-1%. As such, its comp can return to the MSD range if this region improves. Importantly, LOW exited 3Q w. a 5.1% comp in Oct (incl. 150 bps of weather boost) and is tracking above its 4Q implied guidance of 2% in early Nov. Its compares get tougher over the next couple of Qs, but recent momentum should help it navigate the environment."
Shares of Lowe's closed at $67.02 yesterday.
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