Jefferies Cuts Price Target on Lowe's Cos. (LOW) to $69 Following 3Q

Jefferies maintained a Hold rating on Lowe's Cos. (NYSE: LOW), and cut the price target to $69.00 (from $81.00), following the company's 3Q earnings report. EPS of $0.88 missed expectation of $0.96. FY17 adjusted EPS guidance was reduced to $3.92 from $4.01.

Analyst Daniel Binder commented, "Comp sales grew below the industry again as traffic slowed more than expected – DIY softened more than Pro. This led to a 330 bp comp gap with HD and a widening gap on a 2-year basis vs. LQ. Share loss prompted a refinement of promotions and a bounce in Oct. sales. Mgmt. comp guidance for FY17 implies a wide range of expectations for the Q4 comp (0 to +4.5%) against tough comparisons in LY. Relative underperformance keeps us Hold rated."

For an analyst ratings summary and ratings history on Lowe's click here. For more ratings news on Lowe's click here.

Shares of Lowe's closed at $67.02 yesterday.

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