Baird analyst Peter Benedict kept his Outperform rating and $110 price target on Lowe's (LOW) after shares rallied by over 10% in today's U.S. session following Q1 earnings and reports that Ackman's Pershing Square has built a position in the company. The analyst notes that while EPS missed consensus, it was better than "feared", and the company stands to benefit from "fresh thinking" under the leadership of new CEO Marvin Ellison. Benedict adds that while today's rally captures a "meaningful" part of Lowe's revaluation relative to Home Depot (HD), there is "likely" still room for share to run further.

Erste Group downgraded Home Depot to Hold from Buy.