UPDATE: Canaccord Raises PT on Lowe's Companies Following Q2 SSS Growth

In a report published Wednesday, Canaccord Genuity analyst Laura Champine reiterated a Hold rating on Lowe's Companies (NYSE: LOW), and raised the price target from $48.00 to $50.00.

In the report, Canaccord Genuity noted, “LOW's Q2 SSS growth of 9.6% on top of -0.4% was its strongest quarterly performance in nine years. Shares have appreciated 83% since the start of 2012 versus the S&P 500 index +31% and the RLX index +57%, and LOW is trading intra-day at 19x our FY14 EPS estimate and 10x FY14E EV/EBITDA. We view this as a fair valuation given our projections for LOW to grow sales and EPS at compounded annual rates of 4% and 13%, respectively, over the next five years.”

Lowe's Companies closed on Tuesday at $46.19.