UPDATE: Canaccord Genuity Downgrades Lowe's (LOW) to Sell; Changes Lack Direction
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Price: $218.47 +0.11%
Rating Summary:
26 Buy, 21 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
26 Buy, 21 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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(Updated - January 7, 2013 8:44 AM EST)
Canaccord Genuity downgraded Lowe's (NYSE: LOW) from Hold to Sell with a price target of $27.00 (from $25.00).
The firm comments, "LOW is in the midst of an operational restructuring, including product line reviews and store resets, while the head merchant position remains vacant. The recent management realignment appears counterproductive in our view as senior merchandising and supply chain executives were reassigned to customer experience positions amid the restructuring process. We do not believe LOW'S store resets have created a significant enough improvement and are particularly disappointed by the endcap initiative. The company continues to make major investments in e-commerce while only 1% of total sales are generated online, and we believe e-commerce is unlikely to be a significant driver in the home improvement channel. LOW's long-term financial targets appear aggressive in our view, as the company appears on track to hit the low end of its previous FY12 outlook."
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 $35.58 yesterday.
Canaccord Genuity downgraded Lowe's (NYSE: LOW) from Hold to Sell with a price target of $27.00 (from $25.00).
The firm comments, "LOW is in the midst of an operational restructuring, including product line reviews and store resets, while the head merchant position remains vacant. The recent management realignment appears counterproductive in our view as senior merchandising and supply chain executives were reassigned to customer experience positions amid the restructuring process. We do not believe LOW'S store resets have created a significant enough improvement and are particularly disappointed by the endcap initiative. The company continues to make major investments in e-commerce while only 1% of total sales are generated online, and we believe e-commerce is unlikely to be a significant driver in the home improvement channel. LOW's long-term financial targets appear aggressive in our view, as the company appears on track to hit the low end of its previous FY12 outlook."
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 $35.58 yesterday.
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