Piper Jaffray Maintains Estimates on Lowe''s Companies (LOW)

Piper Jaffray maintains its estimates on Lowe's Companies

after attending LOW's Analyst and Investor Conference the past two days. In its report to clients, Piper Jaffray writes, "At this point, we are maintaining our F10 and F11 EPS estimates of $1.42 and $1.65. We are not increasing our F11 buyback estimate which we are assuming 40M shares repurchased at an average price of $24 per share. Again, this is likely to prove conservative given LOW's desire to spend ~$3.6B annually through 2015 on share repurchases. For F11, we continue to estimate +1.5% comp, 30bps of EBIT expansion and 40M shares repurchased. Our F11 EPS estimate of $1.65 represents 16% y/y growth over our F10 EPS estimate of $1.42." LOW closed Tuesday at $22.70.