Lowe’s price target raised to $252 from $225 at Truist

Truist raised the firm’s price target on Lowe’s to $252 from $225 and keeps a Buy rating on the shares as part of a broader research note on Hardlines/Broadlines Consumer names. Retail could be poised for solid outperformance for FY24 following slight and rare underperformance in FY23 despite investor concerns over inflation and higher interest rates as consumers continue to spend, especially if the Fed is at/near the end of their tightening cycle, the analyst tells investors in a research note. Truist adds that the firm remains encouraged by generally solid home improvement activity, despite higher interest rates and slower housing turnover, also noting that its surveyed homeowners cited their current mortgage rate/payment as making them feel more financially secure.