Home Depot, Lowe's stocks fall after analyst downgrades, downbeat housing data [MarketWatch]
Lowe's Companies, Inc. (LOW)
Last lowe's companies, inc. earnings: 2/26 06:00 am
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Source: MarketWatch
Home Depot, Lowe's stocks fall after analyst downgrades, downbeat housing data Shares of Home Depot Inc. HD, -4.52% dropped 3.8% toward a five-month low and Lowe's Companies' stock LOW, -3.25% slumped 3.3% toward a two-month low, in the wake is disappointing housing market data and after Credit Suisse downgraded the home improvement retailers, citing slowing earnings growth and less favorable valuation. Analyst Seth Sigman cut his rating on both companies to neutral from outperform, while lowering Home Depot's stock price target to $204 from $222 and Lowe's target to $111 from $115. "Our key concern is that home prices will continue to moderate, at least temporarily, as higher rates weigh on affordability, and inventory creeps up," Sigman wrote in a note to clients. He said research shows home prices are a key driver of big ticket projects, and therefore affect growth in average ticket and same-store sales. Separately, housing starts fell by a more-than-expected 5.3% in Septembe
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Earnings
- 2/27/24 - Beat
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Sec Filings
- 4/18/24 - Form ARS
- 4/18/24 - Form DEFA14A
- 4/18/24 - Form DEF
- LOW's page on the SEC website