Lowe’s price target raised to $230 from $215 at Telsey Advisory

Telsey Advisory analyst Joseph Feldman raised the firm’s price target on Lowe’s to $230 from $215 and keeps a Market Perform rating on the shares. The company’s Q4 results exceeded expectations, but also provided lower-than-anticipated 2024 guidance, which reflects a challenging macro environment, the analyst tells investors. The firm is encouraged to see early success of several initiatives in Q4, including rural stores; announcement of a loyalty program; and front-end transformation. However, Telsey will remain on the sidelines as it awaits improvement in housing market trends and the consumer’s return to spending on home improvement projects.