Lowe’s Q1 earnings and revenue surpassed estimates, prompting analyst upgrades and price target adjustments despite recent share declines.
Lowe’s Companies Inc (LOW) reported first-quarter earnings of $3.03 per share and revenue of $23.08 billion, beating estimates of $2.97 and $22.97 billion. The results followed analyst adjustments ahead of the release, with Truist cutting its price target to $280 from $293 while maintaining a Buy rating on May 14th.
Citi upgraded LOW to Buy from Neutral, reiterating a $285 price target, citing potential benefits from the stock’s recent pullback. Shares have declined 4.3% over the past year and 11.9% year-to-date, contrasting with the company’s stronger-than-expected financial performance.
Jim Cramer praised CEO Marvin Ellison’s leadership after the earnings report, noting the stock’s performance did not fully reflect the company’s results. Analysts highlighted the retailer’s ability to exceed expectations despite broader market challenges.