Piper Jaffray Slightly Lowers PT To $27 On LOW

Piper Jaffray has lowered its price target on Lowe's Companies LOW from $28 to $27 as Q1 sales fell short of expected. Says Piper Jaffray, in its report, “Difficult comparisons due to last year's cash for appliances along with challenging weather in several regions proved difficult to overcome and drove a Q1 comp of -3.3%. While we believe the company is executing well on its weekend team strategy and continues to make positive strides on the ecommerce platform, we believe difficult appliance comps and a compressed spring selling season could weigh on Q2. We are slightly lowering our PT to $27 from $28 based on 17x our F11E EPS of $1.62.” Piper Jaffray maintains a Neutral rating on the stock. LOW closed yesterday at $24.84.