Investing.com UK - Financial Markets Worldwide
⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Lowe's Analysts Boost Their Forecasts After Upbeat Q4 Results

Published 28/02/2024, 18:10
© Reuters. Lowe's Analysts Boost Their Forecasts After Upbeat Q4 Results
LOW
-

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Lowe’s Companies Inc (NYSE: LOW) posted better-than-expected fourth-quarter results on Tuesday.

Lowe’s reported fourth-quarter FY23 sales of $18.60 billion, beating the analyst consensus estimate of $18.45 billion. EPS of $1.77 beat the consensus estimate of $1.68, according to data from Benzinga Pro.

Comparable sales decreased 6.2% Y/Y due to slow DIY demand and unfavorable January winter weather, while Pro customer comparable sales remained flat flat Y/Y.

“This quarter we delivered strong operating profit and improved customer satisfaction, despite the continued pullback in DIY spending,” commented Marvin R. Ellison, Lowe’s chairman, president and CEO.

For FY24, Lowe’s expects revenue of $84 billion-$85 billion (against the Street view of $85.61 billion) and adjusted EPS of $12.00 – $12.30 vs. consensus of $12.95. The company expects comparable sales to decline about 2% to 3% in FY24.

Lowe’s shares gained 1.4% to trade at $238.73 on Wednesday.

These analysts made changes to their price targets on Lowe’s after the company reported quarterly results.

  • Wedbush raised the price target on Lowe’s from $215 to $250. Wedbush analyst Seth Basham maintained a Neutral rating.
  • JP Morgan increased the price target on Lowe’s from $265 to $268. JP Morgan analyst Christopher Horvers maintained an Overweight rating.
  • Truist Securities boosted the price target on Lowe’s from $244 to $258. Truist Securities analyst Scot Ciccarelli maintained a Buy rating.
  • RBC Capital raised the price target on Lowe’s from $190 to $246. RBC Capital analyst Steven Shemesh maintained a Sector Perform rating.
  • Morgan Stanley raised the price target on Lowe’s from $240 to $250. Morgan Stanley analyst Simeon Gutman maintained an Overweight rating.

Now Read This: Snowflake Gears Up For Q4 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Latest Ratings for LOW

DateFirmActionFromTo
Feb 2022Telsey Advisory GroupMaintainsOutperform
Feb 2022OTR GlobalUpgradesMixedPositive
Feb 2022Gordon HaskettUpgradesAccumulateBuy
View More Analyst Ratings for LOW

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.