The naming of former Home Depot (HD) executive vice president of U.S. Stores, and J.C. Penney (JCP) CEO, Marvin Ellison as Lowe's (LOW) new CEO represents a best-case scenario and "big win" for Lowe's shareholders, Baird analyst Peter Benedict tells investors in a research note. The analyst expects the company to benefit greatly from Ellison's "extensive experience and understanding of the business. Benedict thinks Ellison is "uniquely qualified" to be the next leader of Lowe's and reiterates an Outperform rating on the shares with a $110 price target. The stock in early trading is up 38c to $87.77 while J.C. Penny is down 11c to $2.39.