Lowe’s price target lowered to $218 from $240 at Piper Sandler

Piper Sandler lowered the firm’s price target on Lowe’s to $218 from $240 and keeps an Overweight rating on the shares following a “highly expected” comp miss and EPS guidedown. To the positive, the company continues to see healthy margin benefits from its PPI work, and it plans to begin marketing its low-price guarantee as consumers are seeking value, Piper says. The firm remains impressed with Lowe’s increased traction with Pro customers and ability to manage margins in a tough sales environment.