Oppenheimer Reiterates on Lowe's Companies Following Solid Results In-Line with Expectations
In a report published Wednesday, Oppenheimer analyst Brian Nagel reiterated a Perform rating and $48.00 price target on Lowe's Companies (NYSE: LOW).
In the report, Oppenheimer noted, “We believe that it is unfortunate for LOW that Home Depot (HD) reported Q3 (Oct.) results yesterday. The Q3 figures that LOW announced today are quite impressive. Comparable-store sales rose a better than expected 6.2%, and EPS of $0.47 essentially met a Street forecast of $0.48 and marked a 19% increase from $0.40 last year. The market, however, does not look upon LOW in isolation. Instead, we compare and contrast trends at LOW to those of HD and vice versa, and again, HD performed better. LOW continues to capitalize upon a strengthening US housing market and a number of key internal initiatives. Our Perform rating reflects valuation and the ongoing performance gap with HD.”
Lowe's Companies closed on Tuesday at $50.44.
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