UPDATE: Piper Jaffray Raises PT on Lowe's Companies to $28 (LOW)

Piper Jaffray is out with its report today on Lowe's Companies LOW, raising its PT from $26 to $28. In a note to clients, Piper Jaffray writes, "We believe LOW's business continues to stabilize following the fourth consecutive quarter of positive comps. However, we continue to remain Neutral given difficult comparisons in the 1H F11 due to 1x benefits from the first time homebuyer credit and cash for appliances. In Q4 LOW capitalized on promotions that helped customers take advantage of energy efficiency tax credits set to expire at the end of the year. We are increasing our PT from $26 to $28 based on improved margin expansion." At the time of posting, shares of LOW were trading pre-market at $25.49, down 0.93% from Wednesday's close.