Jefferies Slashes Lowe's Price Target (LOW)

Noting that "Shares reflect likely Q2 sales slowdown and potential EPS revisions," Jefferies & Co. slashed its price target on Lowe's Companies LOW to $24 from $32 today. Jefferies maintained its Buy rating on the stock. Lowe's is set to report fiscal 2Q11 earnings on Monday, August 16th. Jefferies reduced FY11 and FY12 earnings estimates, but said to "look for less bumpy 2nd half growth as a low interest rate environment and healthy housing turnover rates over the past several months potentially spur sales growth again." Lowe's is the world's second largest home improvement retailer. Shares lost 0.55% today, to close at $19.81.