UPDATE: Piper Jaffray Lowers PT to $25 on Lowe's Companies Post Q2 Results

Piper Jaffray reiterated its Neutral rating on Lowe's Companies

and lowered its price target from $28 to $25. Piper Jaffray noted, "We are remaining Neutral on LOW and lowering our price target to $25 from $28 following Q2 results that came in light of estimates. While there was some strength in indoor categories in Q2, we continue to believe that LOW is not participating in the home remodeling cycle to the same extent as HD. Additionally, while comps improved through the quarter, gross margin appears to have eroded as LOW became increasingly promotional on large ticket items." Lowe's Companies closed at $27.87 on Friday.