Shares of Lowe's got a rating upgrade from a Credit Suisse analyst, who also raised the price target on the stock.
Credit Suisse analyst Seth Sigman increased his rating on the home improvement retail chain’s shares to outperform from neutral. The analyst hiked his price target on Lowe's stock to $129 a share, up from $114.
Lowe’s turnaround plan is underway, led by its CEO Marvin Ellison. Ellison left J.C. Penney last year, and took charge of Lowe’s. Under Ellison’s leadership, Lowe’s has shuttered more than 40 underperforming stores, and retrenched thousands of assembly jobs at stores that involved putting together grills and patio furniture, choosing to contract instead with third party vendors. Ellison was once a top executive at Home Depot.