Citigroup Takeaways From Lowe's Analyst Meeting

Citigroup has published a research report on Lowe's Companies, Inc. (NYSE: LOW) after attending the company's Analyst Meeting.In the report, Citigroup writes "LOW issued an upbeat long-term (2011-2015) outlook at its 2010 analyst meeting. Management also placed a greater emphasis on gaining share of wallet from existing customers and less emphasis on opening new stores. We will be watching closely as LOW relies more on its existing store base to drive growth going forward. LOW now expects home impvt. market growth to be 2.9%/year in 2011-2015, vs. its 2010- 2014 outlook for 4-5% growth. One "wildcard" is foreclosures, which could delay the bottom in home prices for 3-9 months. Given our expectation for a modest housing recovery, LOW's goal of $304/sq. ft. by 2015 could still prove aggressive."Citigroup maintains its Hold rating and has raised the price target form $23 to $25.Lowe's Companies closed yesterday at $24.92.