In a report published Wednesday, J.P. Morgan analyst Christopher Horvers reiterated an Overweight rating on Lowe's Companies LOW.
In the report, J.P. Morgan noted, “LOW reported 3Q13 operating EPS of $0.47 vs. our estimate of $0.48 and consensus of $0.48. Same-store sales were 6.2% vs. our 4.0%E. Gross margin improved 30 bps in the quarter vs. our estimate of a 60-bp increase, and operating expenses delevered 10 bps in line with our estimate of a 10-bp increase. Sales increased 7.3%, with LOW adding 1.6% to square footage, largely from the recent Orchard Supply acquisition. Inventories were up 6.6% in the quarter.”
Lowe's Companies closed on Tuesday at $50.44.
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