UPDATE: Piper Jaffray Lowers PT on Lowe's to $19

Piper Jaffray is out with its report today on Lowe's LOW, lowering its PT to $19 from $24. In its report, Piper Jaffray writes, "We are lowering our F11E EPS to $1.58 from $1.62 following a second straight quarter of sales and comp weakness. We also note that gross margin of 34.5% fell short of our estimated 34.9%. While headwinds from Cash for Appliances and the First Time Homebuyer Tax Credit are abating at this point, we remain concerned about big ticket spending trends and general softness in Indoor product categories. As a result, we remain on the sidelines and lower our PT from $24 to $19." Piper Jaffray maintains Neutral on LOW. Shares of LOW closed Monday at $19.68, up 0.87% from Friday's close.