Bernstein raised the firm’s price target on Lowe’s to $294 from $293 and keeps an Outperform rating on the shares. Going into home improvement earnings next week, the firm continues to expect negative comparable sales growth for both Home Depot (HD) and Lowe’s (LOW) in Q4 but expects comparable sales to start to turn positive in FY25. Compared to buy side consensus, Bernstein is more cautious around how quickly home improvement demand will recover. Given policy uncertainties and a potentially higher rate for a longer environment, the firm doesn’t expect a meaningful rebound in Home Depot’s and Lowe’s comp sales growth to the 3.5%-4% range until FY26.
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