On Wednesday, Loop Capital reiterated a Hold rating on shares of Lowe's Companies Inc. (NYSE:LOW), with a steady price target of $230.00. The firm's stance comes after Lowe's released a quarterly report that aligned with their estimates but surpassed the consensus.
The financial services firm adjusted its forecast for the company's fiscal year 2024 earnings per share (EPS) upwards by $0.03 to $12.30, which is $0.12 higher than the previous consensus.
The analyst from Loop Capital highlighted that their revenue estimate for Lowe's is $170 million above the consensus. However, their prediction for the company's second fiscal quarter (F2Q) EPS is $0.20 lower than the consensus due to the anticipation of comparable store sales improvements in the latter half of the year. For the second fiscal quarter, they foresee same-store sales (SSS) to be down 4% once again.
Loop Capital expressed a relatively positive outlook on Lowe's in comparison to its competitor, Home Depot (NYSE:HD). The firm believes that Lowe's has significant room for performance enhancements. Additionally, the renewed focus on Lowe's loyalty program is expected to strengthen the do-it-yourself (DIY) segment that is crucial to the company's long-term success.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.