Evercore ISI analyst Greg Melich started Lowe's with an Outperform rating and $120 base case price target, stating the he believes the market will take stock of new CEO Marvin Ellison's focus on execution, team building, and strategy. Lowe's turnaround story appears "very compelling," given that "mid-single digit sales and margin growth is not easily found in U.S. retail today," Melich stated.
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