These Analysts Cut Their Forecasts On Lowe's After Q1 Results
Portfolio Pulse from Avi Kapoor
Lowe's Companies Inc (NYSE:LOW) reported better-than-expected Q1 FY24 results, with sales of $21.364 billion and EPS of $3.06, both beating analyst estimates. Despite a 4.1% decline in comparable sales, the company saw positive performance in Pro and online segments. Lowe's shares fell 1.9% following the report. Analysts from Truist Securities and Evercore ISI Group cut their price targets on Lowe's, maintaining Buy and In-Line ratings, respectively.
May 22, 2024 | 1:24 pm
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Lowe's reported better-than-expected Q1 FY24 results with sales of $21.364 billion and EPS of $3.06. Despite a 4.1% decline in comparable sales, the company saw positive performance in Pro and online segments. Analysts from Truist Securities and Evercore ISI Group cut their price targets but maintained their ratings. Lowe's shares fell 1.9% following the report.
Lowe's reported strong financial results that beat analyst expectations, but the decline in comparable sales and the subsequent price target cuts by analysts suggest mixed sentiment. The stock price fell 1.9%, indicating a neutral to slightly negative short-term impact.
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