Wedbush Downgrades Lowe's (LOW) to Neutral
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Wedbush downgraded Lowe's (NYSE: LOW) from Outperform to Neutral with a price target of $73.00 (from $84.00).
Analyst Seth Basham commented, " While we believe the housing cycle still has legs, the best is likely behind us. A bevy of negative data points suggest a modest slowdown in underlying home improvement sales growth ahead, while near-term trends are under more significant pressure due to weaker consumer confidence possibly associated with election uncertainty, increased promotions and tough weatherdriven comparisons. At the same time, LOW’s operational and merchandising momentum may have slowed, making it challenging to close the comp and margin gap with HD, which we believe is key for relative share price outperformance. While some of this sentiment is already reflected in LOW shares, we see more limited room for outperformance for LOW shares, leading us to downgrade our rating to NEUTRAL from OUTPERFORM, reduce our estimates below consensus and company guidance and lower our price target from $84 to $73."
Shares of Lowe's closed at $68.47 yesterday.
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