Lowe’s price target lowered to $240 from $270 at DA Davidson

DA Davidson analyst Michael Baker lowered the firm’s price target on Lowe’s (LOW) to $240 from $270 and keeps a Neutral rating on the shares after its Q1 results and affirmed guidance. There were a number of positives from Lowe’s call and the firm’s callback, including signs that comps had once again returned to positive territory later in the quarter and into early Q2, the analyst tells investors in a research note. This is similar to Home Depot (HD) and serves as an indication that industry trends are modestly improving even as macro factors remain “mixed at best”, the firm added. DA Davidson further notes that Lowe’s is relatively well situated to mitigate the tariff environment, which will enable the company to remain price competitive.