Lowe’s price target lowered to $240 from $270 at Stifel

Stifel lowered the firm’s price target on Lowe’s (LOW) to $240 from $270 and keeps a Buy rating on the shares. The firm now estimates Q3 EPS of $3.11, which would be down 5% year-over-year and is down from its prior forecast of $3.16, with its revision driven by a weaker comparable sales performance, the analyst tells investors in a preview note. The firm has reduced its FY24 outlooks for both Home Depot (HD) and Lowe’s as it is taking “a more tepid view of the category recovery,” the analyst added.