Citigroup Maintains Neutral, $24 PT on Lowe's

Citigroup reiterates its Neutral rating and $24 target price on Lowe's LOW as the company reports EPS upside on stronger sales growth momentum. Citigroup says, "Although LOW benefits from a relatively attractive valuation, we view limited upside from current levels on 1) continued SSS underperformance vs. principal competitor Home Depot, 2) execution risk surrounding recent merchandising and management reorganization, 3) uncertainty regarding timing of share repurchases. We prefer to remain on the sidelines, looking to gain incremental visibility on the company's progress against key initiatives prior to putting capital to work in this name." LOW closed at $27.16 a share on Friday.