Lowe's slips as Stifel moves to sidelines

Floor & Decor Holdings

20/12/2023 13:51

** Shares of Lowe's  LOW.N  fall 1.4% to $222.20 premarket
    ** Stifel cuts rating on the home improvement chain to
"hold" from "buy" as brokerage says it is turning more cautious
on the industry
    ** Stock has jumped more than 20% since October end which
Stifel cites to growing bets on a rate monetary policy easing
next year
    ** Brokerage believes it will be difficult for sustained
enthusiasm to build for Lowe's shares with the recent
performance potentially suggesting either a near-term disruption
or less runway from market share initiatives/improved asset
utilization
    ** Stifel, however, lifts PT for Lowe's to $240 from $235
versus median PT of $216, per LSEG data
    ** Stifel also downgrades both Floor & Decor  FND.N  and
Hayward Holdings  HAYW.N  to "hold" from "buy" 
    ** YTD, LOW up 13.1% vs larger rival Home Depot's  HD.N 
11.5% gain

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))