Piper Jaffray Reporting Slightly Positive Parking Lot Data for Lowe's

In a research report published today by Piper Jaffray, satellite data has shown Lowe's Companies LOW parking lot traffic running near +0.2% for the QTD. In the report, Piper Jaffray commented, “Importantly, November and December present the toughest y/y compares for the quarter due to strong demand last year for energy efficient windows and doors before the expiration of energy tax credits. Additionally, we point out that January 2011 comps fell off due to inclement weather and a slowing of demand for the aforementioned products following the expiration of the tax credits. While the satellite data provides no insight into comp ticket, we believe the positive traffic comp through December with an easier compare for January suggests comp is at least on track to achieve the guidance range of 0% to +1%.” Piper Jaffray maintains its Neutral rating and $24.00 PT on Lowe's Companies, which closed yesterday at $26.80.