BTIG Initiates Shares of Lowe's At Buy

Shares of Lowe's Companies, Inc. LOW are trading 0.39 percent higher in Wednesday's extended hours trading following an initiation at buy by BTIG. Analyst Alan Rifkin announced a $93 price target, suggesting 15.8 percent upside.
Highlights for the buy rating include:

• A strong housing market through 2018
• Continued growth in Canada
• Three to five percent same stores sales growth through 2018

The $93 price target is based on a forward PE ratio of 20 applied to expected 2017 earnings. Shares are currently trading at 17 times expected 2017 earnings.