Lowe’s price target lowered to $250 from $266 at DA Davidson

DA Davidson analyst Michael Baker lowered the firm’s price target on Lowe’s (LOW) to $250 from $266 and keeps a Neutral rating on the shares. The company reported relatively better comps, although the implied Q4 guidance was generally below consensus, the analyst tells investors in a research note. The key highlight of the earnings call was the “lock-in” effect however, as it makes sense for homeowners to invest in their existing homes rather than move and lose their current, low mortgage rate, while the record home equity levels could help boost demand as homeowners catch up on needed renovations, the firm added.