NEW YORK (TheStreet) -- Lowe's (LOW) price target was lowered to $68 from $75 by analysts at Cantor Fitzgerald who also reduced their fiscal year 2015 earnings estimate to $3.29 per share from $3.35 per share.
Analysts said that the price target reduction was due to their discounted free cash flow model, which reflects a 5% reduction to their long-term bottom-line projections.
They also reduced their fiscal year 2015 earnings estimate after the company reported weak first quarter results. The company reported revenue of $14.1 billion, or 70 cents per share, compared to analysts' expectations of $14.5 billion, or 76 cents per share.
In the same quarter last year, the company reported revenue of $13.4 billion, or 58 cents per share.
While earnings for the first quarter missed analysts' expectations, the home improvement retailer's CEO remains positive on the earnings growth compared to the same quarter last year.
"I am pleased that we executed well and delivered another strong quarter," CEO Robert Niblock said. "We generated comparable sales growth in all regions of the country and across all product categories, driving strong earnings per share growth."
The company said full-year 2015 sales are expected to rise 4.5% to 5.0% year over year, and same-store sales are pegged to increase 4.0% to 4.5%.
In Thursday's early morning trading, shares of Lowe's are gaining 1.3% to $69.38.
TheStreet Ratings team rates LOWE'S COMPANIES INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation: