UPDATE: Lowe's Downgraded At Canaccord Amid Management Changes
In a report issued Wednesday, Canaccord downgraded its rating of Lowe's Companies (NYSE: LOW) from Hold to Sell with a new target price of $37.
Analyst Laura Champine sees that a loss of experience in merchandising and customer experience will greatly affect Lowe's. Champine estimates a reduction in the growth rate from five percent to three percent.
In addition to in-house issues, tough competition and a bad housing market will also play a role in a bleak future for Lowe's.
Lowe's is down 0.9 percent to $47.35 in pre-market activity.
Latest Ratings for LOW
|Oct 2016||Goldman Sachs||Maintains||Buy|
|Oct 2016||Cleveland Research||Downgrades||Buy||Neutral|
|Aug 2016||BMO Capital||Maintains||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.