Expecting "a modest recovery in earnings," Citigroup Global Markets reiterated its Hold rating on Lowe's Companies LOW this morning. Citi maintains a $22 Price Target on the stock.
Analysts at Citi note that "Our long-term outlook for the home improvement industry is favorable given secular trends of rising home ownership and the aging of the U.S. housing stock. However, same-store sales trends will likely remain challenging, as housing demand remains weak, new home prices are falling, and consumers are postponing discretionary projects, higher-ticket repairs, and remodels."
Further, Citi comments that its "Hold rating is based on our expectation for slower square footage growth and the lack of significant company-specific topline and margin initiatives. We also believe that the competitive landscape is changing as Home Depot is becoming a more formidable competitor."
Lowe’s Companies, Inc. (Lowe’s) is a home improvement retailer. Shares are higher by 1.2% this afternoon, to $20.90.
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Posted In: Analyst ColorGlobalIntraday UpdateAnalyst RatingsMoversCitigroup Global MarketsConsumer DiscretionaryHome Improvement Retail
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