These Analysts Cut Their Forecasts On Lowe's After Q1 Results

Lowe’s Companies Inc LOW reported better-than-expected first-quarter financial results on Tuesday.

The company reported a first-quarter FY24 sales decline of 4.4% year-on-year to $21.364 billion, beating the analyst consensus estimate of $21.123 billion. EPS of $3.06 beat the analyst consensus estimate of $2.94, according to data from Benzinga Pro.

Comparable sales decreased 4.1% due to a decline in DIY big ticket discretionary spending was partially offset by positive comparable sales in Pro and online.

"We are pleased with our start to spring, driven by strong execution and enhanced customer service," said Marvin R. Ellison, Lowe's chairman, president and CEO. "This quarter we rolled out our new DIY loyalty program nationally, expanded same-day delivery options and took market share in key categories."

Lowe's said it sees FY24 revenue of $84 billion-$85 billion, against the Street view of $84.434 billion. The company expects FY24 EPS of $12.00-$12.30 against the consensus of $12.19. LOW expects FY24 comparable sales to decline 2% – 3%.

Lowe's shares fell 1.9% to close at $224.86 on Tuesday.

These analysts made changes to their price targets on Lowe's after the company reported quarterly results.

• Truist Securities slashed the price target on Lowe's from $271 to $265. Truist Securities analyst Scot Ciccarelli maintained a Buy rating.
• Evercore ISI Group cut Lowe's price target from $255 to $250. Evercore ISI Group analyst Greg Melich maintained an In-Line rating.

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