Lowe’s price target lowered to $240 from $243 at Citi

Citi lowered the firm’s price target on Lowe’s to $240 from $243 and keeps a Neutral rating on the shares. The analyst expects the majority of hardline retailers to report Q1 results in-line or slightly above Street estimates with fiscal year guidance maintained. The firm sees Q1 same-store-sales misses and potential guide-downs for categories at the “losing end of consumer spending,” namely pet retail and electronics. Citi continues to believe a “barbell approach” is best given the uncertainty of rates. It tells investors to play defense with O’Reilly Automotive (ORLY) and AutoZone (AZO) and play offense with Home Depot (HD), RH (RH) and Boot Barn (BOOT).