Lowe’s price target raised to $255 from $250 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Lowe’s (LOW) to $255 from $250 and keeps an Overweight rating on the shares. While noting that both Lowe’s and Home Depot (HD) companies lowered FY24 comp guidance and stating that “the intermediate term recovery path appears more shallow and prolonged,” the analyst contends that home Improvement cycle is “closer to a bottom and these names should outperform when the turn comes.”