Lowe’s (LOW) Stock Price Target Raised Ahead of Q1 Earnings
NEW YORK (TheStreet) -- Shares of Lowe's (LOW) - Get Report are up 1.16% to $75.88 in mid-morning trading on Monday after the home improvement retailer's stock price target was raised to $85 from $77 at Oppenheimer.
Analysts maintained an "outperform" rating on the company as the home improvement sector is still a "bright spot" in the retail industry.
"Recent data suggest that spending in the Home Improvement category remains brisk," Oppenheimer analysts wrote in a note released before the market open. "We attribute recent sales strength to more favorable weather and ongoing housing market tailwinds."
Analysts also raised their first quarter comparable store sales forecast to a 4% to 6% increase, compared with the prior estimate for a 1% to 2% rise.
Mooresville, NC-based Lowe's is expected to report its fiscal 2016 first quarter financial results on Wednesday before the market open.
Wall Street is anticipating earnings of 85 cents per share on revenue of $14.84 billion for the latest quarter, up from earnings of 70 cents per share on revenue of $14.13 billion for the same quarter last year.
Separately, Lowe's has a "buy" rating and a letter grade of B- at TheStreet Ratings because of the company's revenue growth, notable return on equity and solid stock price performance.
You can view the full analysis from the report here: LOW
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
