UPDATE: Canaccord Genuity Upgrades Lowe's as Home-Related Momentum Persists

In a report published Monday, Canaccord Genuity analyst Laura Champine upgraded Lowe's (NYSE: LOW) from Sell to Hold, and raised the price target from $28.00 to $48.00.

In the report, Canaccord Genuity noted, “We expect LOW will continue to benefit as the housing market recovery continues. Home prices have increased yr./yr. for four consecutive quarters, and we believe consumers will spend more on their homes as this trend persists. We forecast LOW's FY13 SSS will increase 2.7% on top of +1.4%, which would be its strongest performance on a two-year basis since F2006. The stock has appreciated 29% YTD, versus the S&P 500 index +19% and in line with the RLX index. Shares are currently trading at 19x our FY14 EPS estimate and 10x FY14E EV/EBITDA.”

Lowe's closed on Friday at $45.68.