Lowe’s price target lowered to $256 from $267 at Truist

Truist lowered the firm’s price target on Lowe’s (LOW) to $256 from $267 and keeps a Buy rating on the shares. The firm notes Q3 was better than expected, following its recent downward revision and competitor results. Similar to what was seen in Truist Card Data, comparable sales decelerated during the quarter due to hurricane comparisons last year, as well as a pressured housing market/consumer uncertainty, the firm notes. Still, as rates come down and homes continue to age, Truist believes there is a growing amount of demand building. In addition, it thinks that the end of the government shutdown, peak seasonality, and a big increase in tax refunds could help boost results and sentiment over the next few months, even if a true inflection remains elusive.