Goldman Sachs Reiterates Neutral on Lowe's

In an equity research note, Goldman Sachs maintains its Neutral rating on Lowe's Companies, Inc. LOW as quarter sales were reported as better than trend and guidance. According to Goldman, “LOW reported 3Q11 of $0.35 ex-charges, above our $0.34 and consensus of $0.33, and at the high end of the $0.31-$0.35 guided range. EPS increased 11% from $0.31 a year ago. S-S sales modestly beat forecasts, rising 0.7% vs. our -0.5% estimate and flat guidance. LOW guided to 4Q EPS of $0.20-$0.23, including a 0.5 cent impact from store closing costs. This compares with our $0.22 and consensus of $0.23. With a better 3Q, the company raised the low end of the full-year guided range to $1.57 from $1.54, while maintaining the high end of $1.60.” LOW closed at $23.11 on Friday.