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.
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