Analyst raises price target for Lowe's stock to $310 following earnings report

Wall Street analysts have raised their price targets for Lowe's Companies following its third-quarter earnings report. Truist's Scot Ciccarelli set a target of $310 and maintained a buy rating, citing potential benefits from lower mortgage rates and increased home sales. Despite the positive outlook, there are concerns about rising market and mortgage rates, which could impact home improvement spending. Lowe's anticipates a decline in comparable sales of 3% to 3.5% in 2024, reflecting broader challenges in the sector. Analysts suggest that while Lowe's and Home Depot are popular choices, their current valuations may limit potential gains. They recommend considering other companies like Pentair, Whirlpool, and Owens Corning for better value.