Lowe's price target lowered to $99 from $111 at Credit Suisse
Credit Suisse analyst Seth Sigman lowered his price target for Lowe's to $99 from $111 and reiterated a Neutral rating on the shares. The analyst believes Q3 results reflected a transitional period, where comps were still under pressure due to the many execution and store level issues, although some progress was made in laying the foundational elements of this turnaround including exiting non-core assets and optimizing its assortment and inventory position. Overall, Sigman thinks it is too early to judge the turnaround, and sees many opportunities for improvement although estimates already embed that, and there is risk the demand trends are less supportive. The roadmap in December will be the next major catalyst, he contends.