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Lowe's shares rise following JPMorgan upgrade: 4 big analyst picks

Published 02/12/2024, 05:23 AM
Updated 02/12/2024, 05:23 AM
© Reuters. — Here is your Pro Recap of the biggest analyst picks you may have missed since today: upgrades at Lowe's, Willis Towers Watson, Teva Pharma, and Urban Outfitters.

InvestingPro users got this news and reacted in real time! Join now and never miss out on another buying opportunity.

Lowe's shares gain on JPMorgan upgrade

Lowe’s Companies (NYSE:LOW) shares rose more than 1% pre-market today after JPMorgan upgraded the company to Overweight from Neutral and raised its price target to $265 from $210, as reported in real-time on InvestingPro.

The bank highlighted several reasons for the upgrade and inclusion on JPM's Analyst Focus List as a Value stock idea:

  1. Moderating headwinds for goods share of wallet, with trends expected to revert towards wage growth.
  2. Specific to the home improvement category, the firm estimates that we are nearing pre-COVID wallet share levels, with DIY (75% of LOW’s mix) experiencing a larger headwind since the start of post-COVID normalization in early 2021.
  3. Market expectations of rate cuts could lower mortgage rates, potentially boosting home sales and, subsequently, home improvement spending.
  4. The potential housing market recovery, despite the locked-in mortgage rate dynamic, could accelerate Lowe's sales beyond conservative consensus expectations.

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Willis Towers Watson earns an upgrade at Citi

Citi upgraded Willis Towers Watson (NASDAQ:WTW) to Buy from Neutral, boosting the price target to $315 from $236.

Our 3Q positive catalyst watch was bracketed by our view that one qtr was unlikely to make a trend, but we have since been proven wrong and believe mgmt has honed its guidance craft at an opportune time.

The analysts pointed to the clearer visibility of near-term margin improvements, attributed to cost-saving measures and materially softer H1 comps. The current EPS guidance is viewed as conservative, with margins and buybacks seen as the most likely areas for upside. Overall, Citi believes that a restoration of confidence is underway, which should lead to a sustained improvement in the company's valuation.

Two more upgrades

Piper Sandler upgraded Teva Pharma (NYSE:TEVA) to Overweight from Neutra with a price target of $19.00 (from $12.00). As a result, shares gained more than 2% pre-market today.

Urban Outfitters (NASDAQ:URBN) shares rose more than 1% pre-market today after UBS upgraded the company to Neutral from Sell with a price target of $41.00 (from $21.00).

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