UPDATE: Lowe's (LOW) PT Raised to $300 at Guggenheim

(Updated - December 16, 2021 5:08 AM EST)

Guggenheim analyst Steven Forbes raised the price target on Lowe's (NYSE: LOW) to $300.00 (from $275.00) while maintaining a Buy rating.

The analyst comments "Not only did management's initial 2022 guidance essentially bracket our original EBITDA and EPS forecasts—showcasing consistency in our gross margin and expense ratio walks—but we see conservatism in the industry outlook that was used to formulate the guide (customer mix adjusted home improvement industry: down mid-single digits). Importantly, although LOW shares have historically traded at a 10% discount to the S&P 500, we see the potential delivery of a 300-400 basis point performance gap in 2022—as predicated by management's guide—as justification for a market premium. Taken together, we are raising our 2022-2023 expectations and price target to $300 (from $275) while reiterating our BUY rating."

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