Goldman Sachs analyst Kate McShane lowered the firm’s price target on Lowe’s to $252 from $260 but keeps a Buy rating on the shares after its Q2 results. Headwinds from lumber deflation and lower demand for DIY discretionary and big-ticket items remain, while the seasonal recovery that aided Q2’s top line is also not expected to repeat, the analyst tells investors in a research note. Goldman Sachs adds however that the core Pro customer business remained resilient during Q2 and drove a positive Pro comp, while 75% of Pros continue to report a healthy backlog.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on LOW:
- Lowe’s (NYSE:LOW): Analysts Stick With “Buy Rating” Despite Weak Sales Trend
- Lowe’s Companies Reports Earnings: Did it Beat Estimate Forecasts?
- Lowe’s sees improved productivity in 2H23 vs. 1H23
- Early notable gainers among liquid option names on August 22nd
- Unusually active option classes on open August 22nd