UPDATE: Deutsche Bank Cuts PT to $32 on Lowe's Companies on Lower Comps

Deutsche Bank cuts its price target on Lowe's Companies LOW from $35 to $32 following lower comps. The Buy rating on shares is reiterated. Deutsche Bank notes, "The lower than expected comp despite favorable weather and $0.02 guidance reduction are negatively impacted LOW's stock. While we agree that these are concerns, we see several reasons to defend the name on a pull back. These include better comps in May than April, a reasonable adjustment to the comp that makes the gap look narrower versus HD, in line guidance after charges, improving operating margins and share buyback support. These ideas help underpin our Buy rating." LOW closed at $25.60 on Monday.