Lowe's Analysts Boost Their Forecasts After Upbeat Q4 Results
Portfolio Pulse from Avi Kapoor
Lowe's Companies Inc (NYSE:LOW) reported better-than-expected Q4 FY23 results with sales of $18.60 billion and EPS of $1.77, surpassing analyst estimates. Despite a 6.2% decrease in comparable sales due to slow DIY demand and unfavorable weather, Pro customer sales remained stable. For FY24, Lowe's forecasts revenue of $84-$85 billion and adjusted EPS of $12.00-$12.30, slightly below consensus estimates. Following the report, Lowe's shares rose 1.4%. Analysts from Wedbush, JP Morgan, Truist Securities, RBC Capital, and Morgan Stanley adjusted their price targets on Lowe's, reflecting a positive outlook.
February 28, 2024 | 6:10 pm
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Lowe's reported strong Q4 FY23 results, surpassing analyst expectations with sales and EPS above estimates. The company's FY24 revenue and EPS forecasts are slightly below consensus, but shares still rose 1.4%.
The positive earnings report and the subsequent increase in Lowe's share price indicate a short-term bullish sentiment. Analysts' upward adjustments of price targets further support this outlook, despite the cautious FY24 guidance.
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