BofA raised the firm’s price target on Lowe’s to $289 from $278 and keeps a Buy rating on the shares based on higher forecasts for FY24 and a slightly higher multiple following the company’s Q2 report. The company’s Q2 same-store sales decline of “just” (1.6)% was better than the firm’s estimate and consensus and the firm’s proprietary RENO Barometer suggests a longer-term trend of improvement in renovation spending growth in the second half and into 2024, the analyst tells investors.
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