UPDATE: Goldman Sachs Decreases PT on Lowe's Companies to $31

According to a research report this morning, Goldman Sachs decreases its PT on Lowe's Companies LOW from $33 to $31 as Lowe's showed few signs of movement in the quarter. Goldman Sachs stated, “LOW delivered the 1Q we expected after we lowered forecasts last week in the face of HD's 1Q print. As anticipated, LOW showed few signs of movement in the quarter – the firm continues to implement technology, merchandising, and supply chain changes, with the comp-gap vs. HD stagnant, and the financial payout still on the come in 2H12 as margins are slated to turn. Several elements keep us engaged: the stable SSS gap in the quarter of maximum execution risk, stable performance in regions least impacted by weather, and an in-line start to May.” Lowe's Companies closed yesterday at $25.60 as Goldman Sachs reiterates its Buy rating.