LOW - Lowe's Stock Just Set a New High. Time to Buy?
2024-03-03 07:40:00 ET
Its industry is in a slump, but Lowe's (NYSE: LOW) is still generating excellent returns for its shareholders these days. The retailer's stock broke through a fresh 12-month high following its late-February earnings announcement, in fact.
Wall Street was thrilled to see the chain move closer to Home Depot 's (NYSE: HD) industry-leading profit margin in 2023. But Lowe's also predicted another tough year of declining sales ahead. Does this mixed momentum make the stock a clear buy, or one to avoid in 2024? Let's take a closer look.
The operating update didn't change the weak growth narrative that investors have seen for more than a year. Lowe's revealed that Q4 comparable-store sales were down 6%, marking just a modest improvement versus the previous quarter's 7% slump. Executives said poor winter weather was a major culprit, but keep in mind that Home Depot faced the same issue yet managed just 4% lower comps in the period.
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Lowe's Stock Just Set a New High. Time to Buy?