Lowe’s price target raised to $267 from $235 at Jefferies

Jefferies raised the firm’s price target on Lowe’s to $267 from $235 and keeps a Buy rating on the shares. Lowe’s guidance cleared “a low bar” and commentary on Pro backlogs was “encouraging,” says the firm, which finds “comfort” in management’s “neutral” macro assumption in 2024, ongoing Pro share gains and the fact that it sees mid-to-long term industry drivers remaining intact. Pro outperformance, a new DIY loyalty program, and ongoing initiatives should set up calendar year 2025 for an EBIT percentage in the low-teens, the analyst tells investors.