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Fly News Breaks for February 3, 2016
LOW
Feb 3, 2016 | 14:45 EDT
Baird analyst Peter Benedict acknowledged he'd prefer that Lowe's focus on its U.S. business and spend the $2.3B it plans to use to acquire Canada's RONA on dividends and buybacks, but also noted that the deal is expected to be accretive to earnings in the first year following closing and that RONA has made operating improvements since Lowe's last tried to buy it three years ago. Benedict, who thinks today's selloff seems overdone, keeps an Outperform rating and $88 price target on Lowe's.
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