Bernstein cuts Lowe's price target to $281

Sanford C. Bernstein cut its price target on Lowe's to $281 from $303 on May 14, according to published summaries of the firm's analyst note. Bernstein analyst Zhihan Ma maintained an Outperform rating on the shares, according to Benzinga-carried note summaries and market-data services. The change came less than a week before Lowe's is scheduled to report first-quarter 2026 results. Lowe's last formal annual outlook, issued on February 25, called for fiscal 2026 comparable sales ranging from flat to up 2%, reflecting what the company described as ongoing uncertainty in the home-improvement market. ### When did Bernstein make the change, and what exactly changed? May 14 was the date attached to Bernstein's latest revision on Lowe's, according to note summaries carried by Sahm Capital and MarketScreener. Those summaries said Bernstein lowered its price target to $281 from $303 and kept its Outperform recommendation. Zhihan Ma was identified as the Bernstein analyst on the published note summary. Neither the brief summaries nor the market-data listings published the full rationale from Bernstein's report, but both listed the same target change and rating. ### What was Lowe's own guidance before this note? February 25 was the date Lowe's set its fiscal 2026 outlook in its fourth-quarter earnings release. The company said it expected total sales of $92.0 billion to $94.0 billion, comparable sales of flat to up 2%, and operating margin of 11.2% to 11.4%, according to the release. Marvin Ellison, Lowe's chairman, president and chief executive, said in that release that "the housing macro remains pressured" while the company continued to focus on productivity initiatives and market-share gains. Lowe's reported fourth-quarter comparable sales growth of 1.3% and adjusted diluted earnings per share of $1.98 in the same release. ### Why are analysts focused on Lowe's right now? May 20 is Lowe's scheduled first-quarter 2026 earnings date, according to the company's investor relations website. Lowe's said it will host its earnings conference call at 9:00 a.m. EDT that day. Analyst expectations have converged around that report because it is the next formal update on spring selling trends, including lawn-and-garden demand and early-season outdoor categories. Published previews cited subdued expectations for home-improvement retailers heading into the quarter, with Bernstein saying it did not expect Home Depot or Lowe's to update annual guidance yet because both companies had already contemplated a wide range of scenarios. ### How does Bernstein's move compare with other recent calls on Lowe's? MarketScreener listed several recent rating changes on Lowe's in the days around Bernstein's revision. Citi upgraded Lowe's to Buy on May 12 with a $285 price target, while Truist cut its target to $280 on May 13 and kept a Buy rating, according to the service. May 5 was the date BofA Securities downgraded Lowe's to Neutral, according to the same listing. Wells Fargo also reduced its target to $260 from $290 on May 14 while maintaining an Overweight rating, MarketScreener showed. ### What numbers are investors likely to watch in the first-quarter report? Comparable sales will be a central figure in Lowe's May 20 report because the company has guided to only modest improvement for the full year. Investors will also look for any change to the $92.0 billion to $94.0 billion sales range and the flat-to-up-2% comparable-sales forecast Lowe's issued in February. Store count is also part of the baseline. As of January 30, 2026, Lowe's said it operated 1,759 stores with about 196 million square feet of retail selling space. May 20 is the next clear milestone. Lowe's is set to release first-quarter 2026 results before the market opens and hold its conference call at 9:00 a.m. EDT, according to the company's investor relations calendar.