UPDATE: Piper Jaffray Downgrades Lowe's; Lowers PT

According to a research report published this morning, Piper Jaffray has downgraded Lowe's LOW from Overweight to Neutral, and lowered PT from $41 to $28. In the report, Piper Jaffray said, "Having recently upgraded LOW shares a month ago, we admit to getting it wrong in casting LOW as a broad beneficiary of an improved home remodeling trend. We still expect home remodeling growth to run above GDP growth for 2012 and 2013, but no longer believe LOW is fully participating in the remodeling cycle. Market share losses, inferior real estate and yet-to-emerge turnaround benefits appear to be impeding any industry tailwinds. Further, with notably tougher compares ahead, 2012 comp guidance of 1%-3% now seems like a stretch." Lowe's is currently trading at $25.98.