Positive Outlook for Lowe's: Buy Rating Supported by Strategic Initiatives and Market ResilienceWe see LOW shares higher today; Q4 comps/EPS beat amid Pro share gains (+HSD%), holiday strength & hurricane tailwinds. Despite concerns re: a lower bar (post-HD), LOW's flat to +1% comp outlook & +LSD% EPS growth for '25 largely match expectations. FY25 guide reflects Moderate/Weak scenario. The setup wasn't perfect, but LOW's Q4 checked the right boxes w/ positive comps, +HSD% Pro trends, and an EBIT% inflection. The formal '25 guide for flat to +1% comps matches expectations, and while Street EPS likely moves slightly lower, we see a reasonable bar w/ pot'l upside (i.e., early Spring, etc.). All in, considering LOW's -5.5x NTM P/E gap vs. HD, we see catch up pot'l w/ gradually improving comps, and EBIT% recovery.