Jefferies Raises PT on Lowe's to $22

Jefferies & Company has published a research report on Lowe's (NYSE: LOW) and has raised the price target from $20 to $22.

In the report, Jefferies writes, "New end caps, refreshed TV ads and a nominal reallocation of customer facing hours are all steps in the right direction. However, we see risks with a shift in pricing strategy, and big cuts in inventory and advertising spend over the next four years. LOW shares have moved up recently in response to a not so new capital allocation story and market moves, but we think share losses need to reverse for shares to break out of the range."

Jefferies maintains its Hold rating on Lowe's, which is currently trading up 40.29 from yesterday's $24.77 closing price.