Jefferies Has Buy Rating On Lowe's After Quarterly Results (LOW)

Jefferies & Co. has a Buy rating and $24 price target on Lowe's Cos. LOW after the home improvement company reported quarterly earnings. In the report Jefferies writes, "This is still a macro driven story and there is uncertainty in the data, but low rates and loosening credit are still serving as a good backdrop. Meanwhile, we are impressed by management's ability to manage margins better than forecast through H2 despite a softer than planned sales outlook." "There was an upbeat tone around managements' back half sales outlook that leads us to think August sales have improved from the July trend, which was up from the June trend (adjusted for the holiday shift estimated at 300bps)." Shares of Lowe's Cos. closed at $19.70 in Monday trading.