Lowe’s price target lowered to $190 from $194 at RBC Capital

RBC Capital analyst Steven Shemesh lowered the firm’s price target on Lowe’s to $190 from $194 and keeps a Sector Perform rating on the shares. The analyst states that better-than-expected cost management allowed Lowe’s to deliver an earnings beat despite comp sales declining 7.4%, but while this was “encouraging”, the firm believes that the persistent sales softness is likely to weigh on margin performance for Lowe’s heading into 2024. RBC is also cutting its FY23 EPS view for the company’s to $13.04 from $13.29 and its FY24 view by 74c to $13.10.