Truist Securities lowered its price target on Lowe's Companies to $255 from $280, while maintaining a Buy rating.
Analyst Scot Ciccarelli noted a solid first quarter in line with expectations and reaffirmed full-year guidance. However, second-quarter earnings face pressure due to expense timing issues.
Lowe's shares have fallen over 20% in the past three months amid macroeconomic concerns and rising interest rates. The stock trades at $217.72, just 4.7% above its 52-week low. Sales remain stable, and margins are well controlled.
Ciccarelli mentioned that a major inflection point for the home improvement industry remains elusive. Despite near-term headwinds, Lowe's has raised its dividend for 42 consecutive years, showing financial resilience.
In other recent news, several analyst firms including TD Cowen, RBC Capital, Piper Sandler, KeyBanc, and Wolfe Research have also lowered their price targets for Lowe's.
