UPDATE: Wedbush Initiates Outperform On Lowe's Companies On Moves By CEO

In a report published Thursday, Webush analyst Seth Basham initiated an Outperform rating on Lowe's Companies LOW and initiated a price target of $60.00. In the report, Wedbush says "CEO Robert Niblock has focused LOW, over the past two years, on becoming more customer-centric, shuffling senior management into new roles and hiring a new merchant to help execute and build on the strategy. Like turning a battleship, positioning a large organization such as LOW in the right direction is a slow process. We believe the battleship is finally turned properly, and we expect LOW's operational momentum to accelerate, having eliminated its underperformance to industry growth for the first time in years in 3Q13." Lowe's Companies closed Thursday at $46.61.