Lowe’s price target raised to $268 from $265 at JPMorgan

JPMorgan raised the firm’s price target on Lowe’s (LOW) to $268 from $265 and keeps an Overweight rating on the shares. The analyst believes Lowe’s Q4 results were an “important step forward” with better-than-feared comps and some weather headwind suggesting a narrowed comp gap relative to Home Deport (HD), a solid holiday season on the do-it-yourself side providing some hope on share of wallet headwinds abating, and gross margin upside. The firm says Lowe’s could see reclaiming its prior high of $260 per share as spring breaks, especially considering the stronger re-rating of lower-quality retail sectors.