Baird said Lowe's (LOW) Q1 results signaled a strong start to 2016. The firm noted the company is closing the comp gap with Home Depot (HD) and their pro outreach is gaining traction. Baird sees Lowe's ability to drive roughly 20% earnings growth over the next few years as providing support for the stock's valuation. Baird reiterated its Outperform rating and $88 price target on Lowe's shares.
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Home Depot, on its conference call discussing its agreement to acquire SRS Distribution, said it is suspending share repurchases until it gets back to its targeted 2.0 times adjusted debt to EBITDA.
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