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LOWE’S STOCKS RISE ON RATING UPGRADE -

07-Apr
20:48 IST

Lowe’s stock is currently trading at 92.63-higher by 4.37% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 5.88%. The stock has pared some of its gains after the opening bell.

Investment bank Loop Capital upgraded the home improvement retailer’s stock to buy from hold. The investment bank, however, cut the price target of Lowe’s to $105 per share from $115 per share. Loop Capital believes that the home improvement retailer is attractively priced at 15-times its expected financial year 2020 earnings. The investment bank, however, lowered it’s expected financial year 2020 Earnings per Share to $5.71 from $6.52 to reflect the impact of the upcoming recession.

Loop Capital also sees that the home improvement retailer will have its most difficult SSS comparison in the first quarter. The investment bank also upgraded its ratings since the company is one the few open retailers currently in much of the U.S. Lowe’s is scheduled to report its first-quarter earnings on 20th May. Stocks of the home improvement retailer have fallen about 24% Year-to-date.

On the technical front, the RSI is currently at 52.1% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 64% and suggests that the market can move in the upward direction.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.

 

TRADE SUGGESTION- LIMIT BUY AT 92.50 TAKE PROFIT AT 95.00 STOP LOSS AT 91.25

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