Lowe's Home Improvement Is A 'Value Stock Idea' Despite 'Muted Rebound': Analyst
Portfolio Pulse from Priya Nigam
JPMorgan analyst Christopher Horvers upgraded Lowe's Companies Inc (NYSE:LOW) from Neutral to Overweight and raised the price target from $210 to $265, citing a potential rebound in the home improvement sector and the company's strong position in appliances. Despite a recent 2.3% drop in share price, Lowe's is added to JPMorgan's Analyst Focus List as a Value stock idea. The expected Federal Reserve rate cuts could further spur growth, although the rebound may be partly muted by the locked-in mortgage rate dynamic.
February 13, 2024 | 4:18 pm
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Lowe's upgraded by JPMorgan to Overweight with a price target increase from $210 to $265, highlighting the company's potential in the home improvement sector and its strong position in appliances.
The upgrade by JPMorgan reflects a positive outlook on Lowe's, particularly due to the expected rebound in the home improvement sector and the company's strong position in appliances. The increase in the price target suggests a significant upside potential. The addition of Lowe's to JPMorgan's Analyst Focus List as a Value stock idea further underscores the stock's attractiveness. However, the note on the potential muting effect of locked-in mortgage rates on the rebound adds a note of caution.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100