- Telsey Advisory Group Analyst Joseph Feldman reiterated the outperform rating. Lowe’s Companies, Inc. LOW, Price target reduced to $225 from $235.
- The analyst remains cautious as the company is likely to bear the brunt of the overall weakness in consumer spending on home improvement given a deteriorating macro environment, a shift in spending towards services rather than goods and homeowners hiring professionals on smaller projects than before .
- We faced these factors HomeDepot, Inc. HD during the last reporting quarterstates the analyst.
- A sluggish start to the spring sales season due to the unfavorable weather and the deflation in wood prices should also weigh on the share.
- Additionally, lackluster industry trends supporting home improvement spending have worsened, leading to declines in home sales and a slowing in home price growth.
- Feldman believes that near-term pressures related to a weaker macro and industry environment should keep the stock range limited.
- The company will keep its first quarter of 2023 Results conference call on Tuesday, May 23.
- The analyst lowered our Q1’23 EPS estimate to $3.42 from $3.55, representing a 9.9% decline in revenue to $21.3 billion versus $21.7 billion Dollar previously signaled.
- FY23 EPS estimates are cut to $13.35 from $13.88 previously.
- Price promotion: LOW shares are trading up 3.67% to $206.53 at last check on Wednesday.
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