Lowe’s price target lowered to $210 from $225 at Loop Capital

Loop Capital lowered the firm’s price target on Lowe’s (LOW) to $210 from $225 and keeps a Hold rating on the shares. The firm has a ” less optimistic growth outlook” for the company amid rising macro risks. The analyst adds that Lowe’s top-line is expected to decline below the comp trend after the sale of the Canadian business, even though this will be more than compensated for by higher margins near- and long-term. Loop further notes that the declining SSS are likely to limit Lowe’s stock appreciation potential over the next few months given the current forward P/E of 14-times, even though Lowe’s is more attractive than Home Depot (HD) at 11-times on enterprise value to expected 2024 EBITDA basis.