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Lowe's Companies (LOW)
by Zacks Equity ResearchOctober 12, 2012 | Comments : 1 Recommended this article: ()
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Consequently, Lowe's trimmed its outlook, as it remains concerned about the housing market and the sluggish economic recovery. Management now expects fiscal 2012 earnings to be $1.64, down from a range of $1.73 to $1.83 per share forecasted earlier. Management now projects total sales for fiscal 2012 to remain flat with fiscal 2011, and expects comparable-store sales growth of 0.5%.
We believe that spending on big remodeling projects will likely remain under pressure until the housing market stabilizes, inventory levels normalize and consumer-spending rebounds. Our target price of $28.00, 17.0X 2012 EPS, reflects this view.