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Shares of Lowe’s Companies Inc (NYSE: LOW) slipped in early trading on Tuesday.
The pressure on the share of wallet for goods seem to be subsiding, with a resumption in wage growth, according to JPMorgan analyst Christopher Horvers.
The Lowe’s Companies Analyst: Horvers upgraded the rating for Lowe’s Companies from Neutral to Overweight, while raising the price target from $210 to $265.
The Lowe’s Companies Thesis: The home improvement category is estimated to be less than 5% from the pre-COVID wallet share, Horvers said in the upgrade note.
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