Lowe's has 'a big window of opportunity' after shutting down its underperforming stores, UBS says (LOW)
- Lowe's on Tuesday reported third-quarter earnings that beat on both the top and bottom lines but saw comparable sales miss Wall Street's estimates.
- Lowe's also said it will exit Mexico retail business and some non-core US businesses, following previous announcements to shut down Orchard Supply Hardware operations and close 51 underperforming stores in the US and Canada.
- The closure schedule will boost same-store sales of surviving Lowe's locations that are close to storefronts slated to be closed, UBS said.
- Watch Lowe's trade live.
Lowe's recent decision to close underperforming stores will help the retailer survive in the brick-and-mortar meltdown, said UBS in a bullish note titled "still a big window of opportunity."
UBS slightly lowered its price target to $115 from $120 but remained bullish on the stock.
- A top economist warns Trump's China trade war is doing more damage to the US economy than people think
- '28 months of work undone in hours': The City of London reacts to the chaos of Theresa May's crumbling Brexit deal
- UBS: A UK recession and pound-dollar parity are on the horizon, and Brexit risks are rising 'literally' by the minute
from AOL https://ift.tt/2DC6bFU
No comments