DA Davidson analyst Michael Baker raised the firm’s price target on Lowe’s (LOW) to $266 from $240 and keeps a Neutral rating on the shares after its Q2 earnings beat. The firm is positive on the company’s comp improvement as well as the back half implied guidance that was generally ahead of consensus, the analyst tells investors in a research note. Similar to Home Depot (HD), Lowe’s comps in bigger ticket purchases was also higher than it has been, showing a 3.6% comp for purchase bigger than $500, the firm added.
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