Lowe’s price target raised to $270 from $255 at Evercore ISI

Evercore ISI raised the firm’s price target on Lowe’s (LOW) to $270 from $255 and keeps an In Line rating on the shares. Q3 comps were the best since Q2 of 2022, but 14 quarters of down traffic “take a toll” and EBIT margins are on track to fall 100 basis points in 2024, pushing EPS below $12 and down 17% from 2022’s peak, the analyst tells investors. However, Lowe’s is the rational number two player in an attractive space with tariff pass through pricing power if big ticket do-it-yourself “want” demand ever returns, the analyst added.