Lowe’s price target raised to $251 from $235 at Bernstein

Bernstein raised the firm’s price target on Lowe’s to $251 from $235 and keeps an Outperform rating on the shares. The firm likes the setup for Lowe’s entering 2024, with rebounding EHS and discretionary spending poised to boost DIY sales while Pro continues to deliver. Bernstein thinks Consensus is underestimating the second half comp growth, and given how uncrowded Lowe’s is right now, it believes that buy-side expectations are already tempered, so good news will help more than bad news will hurt. That said, the company will likely be more of a second half of the year story, as the macro will have time to stabilize.