Lowe’s price target lowered to $240 from $270 at DA Davidson

DA Davidson lowered the firm’s price target on Lowe’s to $240 from $270 and keeps a Neutral rating on the shares after its Q1 results. The company is executing better than in the past, which has shown up in better than expected comps this quarter, and at some point, the macro environment will turn in favor of home improvement names that will enable a resumption of the margin expansion story, but it remains clear that at this point the macro remains unfavorable for the home centers, the analyst tells investors in a research note. The firm is further citing home turnover remaining 26% down from pre-pandemic levels and industry data showing five quarters in a row of negative trends.