Lowe’s price target lowered to $276 from $300 at Piper Sandler

Piper Sandler lowered the firm’s price target on Lowe’s (LOW) to $276 from $300 and keeps an Overweight rating on the shares following an inline print and maintained guide from the company. While the home improvement space remains sluggish, Lowe’s delivered its 4th consecutive quarter of positive comparable sales. The Q2 EPS outlook was below expectations, but short-term margin dilution from acquisitions should start to subside in the second half of the year. Importantly, full year guidance was reiterated, and continues to look reasonable, Piper adds. For 2027, the firm is reducing its bullish view a bit and lowering its multiple assumption from 21 times to 20 to be more in line with Lowe’s historic discount to the S&P’s valuation.