Lowe’s price target lowered to $225 from $230 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Lowe’s to $225 from $230 and keeps a Market Perform rating on the shares. The analyst has continued confidence in Lowe’s long-term strategy, but remains concerned about the near-term. The firm reduced Q3 and annual estimates to reflect the “tough macro climate for the industry.” In the near term, Lowe’s business is likely to remain under pressure from the soft housing market trends and lapping the solid gains related to COVID-19 and government stimulus in the past three years, the analyst tells investors in a research note.