Lowe’s price target raised to $252 from $225 at Truist

Truist raised the firm’s price target on Lowe’s to $252 from $225 and keeps a Buy rating on the shares as part of a broader research note previewing 2024 in Hardlines/Broadlines retail. The group could be poised for a solid outperformance for FY24, following slight and rare underperformance in FY23 as consumers continue to spend despite investor concerns over inflation and higher rates, and if the Fed is at or near the end of tightening, investors will lean into consumer-centric growth stocks, the analyst tells investors in a research note. The firm adds that home improvement activity has generally remained “very solid” despite the headwinds of higher interest rates and slower housing turnover.