Lowe’s price target lowered to $295 from $308 at Truist

Truist lowered the firm’s price target on Lowe’s (LOW) to $295 from $308 and keeps a Buy rating on the shares. The firm notes that Q4 results were better than its above-Street forecast and Lowe’s first positive comparable sales since Q3 2022. While Pros again posted high single digits comparable sales, DIY big-ticket/discretionary remains pressured. That said, with weather headwinds in Q1 and a full-year guide for 0%-1%, comps are expected to inflect positively during the year and should still provide upside getting to the second half of 2025. In Truist’s view, the natural aging/maintenance cycle is reasserting and providing base demand, while improved confidence/acclimating to higher rates should accelerate home improvement growth, especially given today’s $35 trillion in home equity. The firm remains a buyer.