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UPDATE: Jefferies Raises PT to $32 on Lowe's Companies Following Meeting with Management

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Jefferies reiterated its Hold rating on Lowe's Companies (NYSE: LOW) but raised its price target from $31 to $32.

Jefferies commented, "We walked away from the meeting feeling better about certain aspects of the long-term plan (i.e. added labor and less inventory reduction), but were a bit surprised that financial targets were not shaved more in light of a challenging year. Perhaps that should be viewed positively, but misses to high expectations set in the last two years seem to warrant a more conservative view.… SSS expectations are now 4.3% on average for the next 3 years versus recent sub 2% trends. SSS next year are expected to be below the targeted average as initiatives to improve close rates are implemented. The forecast now also includes a macro benefit from housing, which is expected to add 50-100 bps."

Lowe's Companies closed at $35.20 on Wednesday.

Latest Ratings for LOW

DateFirmActionFromTo
Apr 2016Goldman SachsMaintainsBuy
Mar 2016BarclaysInitiates Coverage onEqual-weight
Feb 2016JefferiesMaintainsHold

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