Lowe’s price target raised to $245 from $218 at Piper Sandler

Piper Sandler raised the firm’s price target on Lowe’s to $245 from $218 and keeps an Overweight rating on the shares. The firm is taking a more bullish stance on home improvement – and more specifically, large remodel projects – as home equity extraction activity is trending toward improvement in 2024. Piper expects both Home Depot (HD) and Lowe’s (LOW) to outperform in 2024 on improving comp trends and increased optimism on the remodel market. However, the margin set-up for the former is notably better for a variety of reasons.