UPDATE: Oppenheimer Upgrades Lowe's
On Friday, Oppenheimer upgraded Lowe's (NYSE: LOW) from Perform to Outperform and raised the price target from $50 to $57.
Rupesh Parikh, analyst at Oppenheimer, said “sales trends tick higher as unusually harsh winter gives way to more favorable spring conditions,” but the optimism on Lowe's should be viewed as “shorter term in nature” by investors.
Overall, the analyst views the home improvement space as a “bright spot” in an otherwise potentially fading Hardline space.
Shares of Lowe's are up 1.4 percent to $49.39 on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.