Evercore ISI raised the firm’s price target on Lowe’s to $210 from $205 and keeps an In Line rating on the shares. Lowe’s Q3 was “modestly below weak expectations” and the trimmed 2023 guidance of $13 in EPS includes EBIT margins of 13.3%, down just 30 basis points excluding Canada, on a 5% comp decline, the analyst tells investors. The firm sees the appeal of Lowe’s once a home improvement recovery is more readily apparent, but adds that with leverage up and margins peaking, there is “wood to chop” in terms of earnings downside compared to peers.
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