Oppenheimer Upgrades Lowe's (LOW) to Outperform
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(Updated - May 13, 2021 5:24 AM EDT)
Oppenheimer analyst Brian Nagel upgraded Lowe's (NYSE: LOW) from Perform to Outperform, PT $235.00.
The analyst comments "We are lifting our rating on Lowe’s (LOW) to Outperform from Perform. For a while, we have maintained a largely cautious and selective stance towards consumer, and in particular shares of key COVID-19 winners, upon concerns of a forthcoming postpandemic normalization in spending and more challenging comparisons. We are not signaling an “all clear” for LOW or our coverage, broadly. Instead, our refreshed, more upbeat call on Lowe’s is largely tactical in nature and hinged upon prospects for a continued flow of funds into more cyclically focused equites and a now historically discounted valuation versus that of Home Depot (HD)."
Shares of Lowe's closed at $195.54 yesterday.
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