Lowe’s price target raised to $290 from $270 at Evercore ISI

Evercore ISI raised the firm’s price target on Lowe’s (LOW) to $290 from $270 and keeps an In Line rating on the shares. Lowe’s is expecting a phased recovery into 2025 with comps projected to be up 1% continuing to be led by Pro, but the firm thinks they can get comp growth back to 2%. Either way, after 14 quarter of negative comp traffic, confidence is likely to build that earnings can grow again in 2025 and the Street view on EPS is “likely to settle around $12.50,” says the firm, whose projection is at $12.70 in a reflection of “our more bullish outlook into 2025.”