Goldman Sachs Lowers PT Slightly To $29 On LOW

Goldman Sachs is lowering its price target slightly on Lowe's Companies LOW, from $30 to $29, following the company's 1Q results. According to Goldman Sachs, “LOW's 1Q results and commentary suggest that a combination of macro challenges and potential company-specific issues persist, capping sales trends, spurring incremental promotional activity, and weighing on the growth outlook for the year. Over the course of the year, we have noted concerns associated with management changes and the introduction of a 5%-off credit. As caveats, we believe it would be premature to judge LOW's showing versus the sector until HD reports on May 17, and that Sears' recently reported soft performance suggests that LOW is not a significant market laggard.” Goldman Sachs maintains a Neutral rating on the stock. LOW closed at $24.84 yesterday.