LOW - 1 Wall Street Analyst Thinks Lowe's Stock Is Going to $270. Is It a Buy Around $240?
2024-02-29 07:05:00 ET
Shares of Lowe's (NYSE: LOW) have been on quite a run lately. The company's stock price has jumped more than 10% in just the last month. Yet one Wall Street analyst thinks it needs to go up by another 12.5% over the next year or so to be fairly priced.
After the home improvement retailer reported its fourth-quarter earnings this week, D.A. Davidson analyst Michael Baker said his firm thinks Lowe's stock will reach $270 per share.
It wasn't a blowout earnings report that has Baker thinking Lowe's stock has more room to run. Quarterly sales slipped 17% year over year in its fiscal fourth quarter ended Feb. 2. But management expressed optimism around the longer-term durability of the home improvement market.
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1 Wall Street Analyst Thinks Lowe's Stock Is Going to $270. Is It a Buy Around $240?