Stifel analyst W. Andrew Carter raised the firm’s price target on Lowe’s (LOW) to $260 from $250 and keeps a Hold rating on the shares. Ahead of fiscal Q3 earnings, the firm reiterates Hold ratings for Home Depot (HD) and Lowe’s shares. The firm approaches the second half of 2024 with “increased confidence,” noting that its increased FY24 EPS estimates are above the high end of guidance. However, against its near-term enthusiasm, the firm notes that its FY25 and FY26 outlook remains below consensus given caution around the amplitude of the category recovery, while also noting that Home Depot and Lowe’s shares have retreated from the recent peaks, but are up 20% and 25%, respectively, following the June CPI data release.
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