UPDATE: Citi Raises Price Target on Lowe's to $23

According to Citi, Lowe's Cos LOW price target is raised to $23. Citi said that although LOW benefits from a relatively attractive valuation (currently ~14x vs. 5 year average of ~15x), it views limited upside from current levels. “We prefer to remain on the sidelines, looking to gain incremental visibility on the company's progress against key initiatives prior to putting capital to work in this name.” Lowe's Cos closed on Friday at $22.13.