Credit Suisse analyst Karen Short initiated coverage of Lowe’s with a Neutral rating and $210 price target. While she sees reasons to be "constructive," her near-term concerns include a negative "wealth effect" risk to home improvement given declines in both the S&P 500 and home prices as well as a quarterly Home Improvement macro report that showed that only about 15% of the metrics the firm tracks were positive in Q3, Short tells investors. The company’s recently updated long-term algorithm could "prove to be too optimistic" if a recession bleeds into 2024, Short added.
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