Lowe's Set For 'Delayed Benefits' From Macro Demand Improvements, Says Optimistic Analyst
Portfolio Pulse from Priya Nigam
Oppenheimer analyst Brian Nagel upgraded Lowe's Companies Inc (NYSE:LOW) from Perform to Outperform, raising the price target from $230 to $305. The upgrade is based on expected demand improvements in the home improvement sector due to moderating lending rates, with benefits likely to be seen starting in 2025. Lowe's shares rose 0.63% following the announcement.
September 24, 2024 | 3:58 pm
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NEUTRAL IMPACT
Home Depot is mentioned as part of the home improvement sector, which is expected to see demand improvements. However, the focus is primarily on Lowe's.
Home Depot is mentioned in the context of the home improvement sector's potential demand improvements. However, the article primarily focuses on Lowe's, making the impact on Home Depot less direct and significant.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 20
POSITIVE IMPACT
Oppenheimer upgraded Lowe's to Outperform with a new price target of $305, anticipating demand improvements in the home improvement sector due to moderating lending rates. Benefits are expected to start in 2025.
The upgrade from Perform to Outperform and the significant increase in price target from $230 to $305 by Oppenheimer is a strong positive signal for Lowe's. The analyst's expectation of demand improvements due to moderating lending rates suggests potential growth, which is likely to positively impact the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100