Lowe’s Companies Inc (NYSE:LOW) reported better-than-expected second-quarter earnings and reaffirmed FY23 outlook.
Lowe’s reported a second-quarter FY23 sales decline of 9.17% year-on-year to $24.96 billion, marginally missing the analyst consensus of $24.99 billion. EPS of $4.56 beat the analyst consensus estimate of $4.49.
Lowe’s reaffirmed its FY23 revenue outlook of $87 billion – $89 billion, against the Street view of $88.08 billion. It sees FY23 adjusted EPS of $13.20 – $13.60 against the consensus of $13.37.
Lowe’s shares rose 0.1% to trade at $225.93 on Wednesday.
These analysts made changes to their price targets on Lowe’s following earnings announcement.
- Telsey Advisory Group boosted the price target on Lowe’s from $225 to $230. Telsey Advisory Group analyst Joseph Feldman maintained a Market Perform rating.
- Goldman Sachs lowered the price target on Lowe’s from $260 to $252. Goldman Sachs analyst Kate McShane maintained a Buy rating.
- Baird raised the price target on Lowe’s from $225 to $250. Baird analyst Peter Benedict maintained an Outperform rating.
- Wells Fargo increased the price target on Lowe’s from $245 to $250. Wells Fargo analyst Zachary Fadem maintained an Overweight rating.
- UBS raised the price target on Lowe’s from $250 to $265. UBS analyst Michael Lasser maintained a Buy rating.
