UPDATE: Goldman Sachs Upgrades Lowe's Companies to Buy

A report from Goldman Sachs upgrades its rating from Neutral to Buy and raises its price target from $26 to $28 on Lowe's Companies (NYSE: LOW).

The report states, “We believe that management is embracing the need for meaningful upgrades to the business after years of drift, and that tangible evidence is starting to emerge in store presentation, technology, and marketing. In addition, the firm has already committed to slower store growth, and allocation of capital back to shareholders.”

LOW closed yesterday at $23.87.